A factor of production used to produce other products or generate additional incomes, such as machines or equipment.
1 of 24
Consumer Goods
Goods purchased by buyers for direct consumption.
2 of 24
Economic Goods
Scarce goods that have a monetary value and involve an opportunity cost.
3 of 24
Economics
The study of how limited resources are used to meet unlimited wants in a society.
4 of 24
Enterprise
Businesses or companies, usually rewarded with profit.
5 of 24
Factors of Production
Resources including land, labor, capital, and enterprise that are usually used as inputs in the production process.
6 of 24
Free goods
Goods that are not scarce and, hence, do not acquire an opportunity cost.
7 of 24
Geographical mobility
The case with which resources or factors of production can be moved from one location to another.
8 of 24
Goods
Tangible or physical outputs.
9 of 24
Gross Investment
Total spending on new capital goods.
10 of 24
Labor
The human factor of production; rewarded by wages.
11 of 24
Land
The natural resources and raw materials; rewarded with rent.
12 of 24
Needs
Limited things that are absolutely necessary to survive or function, such as food, shelter, air, sleep, and clothes.
13 of 24
Net Investment
The amount spent by a company or economy on capital items or assets, such as property, manufacturing plants, and equipment; Net Investment = Gross investment - Depreciation
14 of 24
Non-renewable resources
Resources that cannot be replenished once they have been used.
15 of 24
Occupational mobility
The ease with which individuals can change their job or occupation.
16 of 24
Opportunity cost
The next best alternative is forgone when making a decision and choosing between alternatives.
17 of 24
Production possibility curve
A diagram showing the maximum possible output combinations of two goods given the resources and technology levels available.
18 of 24
Renewable Resources
Resources that can be used over and over again, such as wind and solar energy.
19 of 24
Scarcity
A limited supply of a factor of production, goods, or services.
20 of 24
Services
Intangible activities provided by people to other people.
21 of 24
Standard of living
The level of wealth and material goods available for individuals and societies.
22 of 24
Utility
The level of satisfaction received from consuming a good or service.
23 of 24
Wants
Individuals' unlimited desires.
24 of 24
Other cards in this set
Card 2
Front
Goods purchased by buyers for direct consumption.
Back
Consumer Goods
Card 3
Front
Scarce goods that have a monetary value and involve an opportunity cost.
Back
Card 4
Front
The study of how limited resources are used to meet unlimited wants in a society.
Back
Card 5
Front
Businesses or companies, usually rewarded with profit.
Comments
No comments have yet been made