Vocabulary Review Week 1
The mental and physical skills needed to do a job Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage
A temporary lack of goods and services Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage
The second best alternative you could have had that you end up giving up Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage
Unlimited wants for goods and services exceeds the limited resources Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage
The ability to create ideas and organize resources and tasks in order to produce a good or service Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage
The graph used to determine how much to produce of two goods (and how to use resources) Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage
Resources that come from the earth Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage
Choosing between two options Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage
Physical items made by people that are used to produce other goods/services Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage
An actual person who does the job and their abilities Trade-off Opportunity cost Land resource Human/Labor resource Entrepreneurship Capital resource Scarcity Human capital Production possibilities curve shortage