Econ 4.1

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  • Created by: Amy Hao
  • Created on: 10-12-12 04:30
Define nature of economic problem
finite resources and limited resources
1 of 9
4 factors of production
labour, land, capital, entrepreneurship
2 of 9
Define land
Land includes all the natural resources found on Earth
3 of 9
examples
water, forest
4 of 9
Define labor
working force of the production
5 of 9
Define capital
man-made resources which aid production of goods and services
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example
pens, computers, machinery
7 of 9
Define Entrepreneurship
the ability to run a production process
8 of 9
Define opportunity cost
the cost of giving up the benefits of the next best alternative
9 of 9

Other cards in this set

Card 2

Front

4 factors of production

Back

labour, land, capital, entrepreneurship

Card 3

Front

Define land

Back

Preview of the front of card 3

Card 4

Front

examples

Back

Preview of the front of card 4

Card 5

Front

Define labor

Back

Preview of the front of card 5
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