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Related Flashcards
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Cards In This Set
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Factors of Production
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Land,labor, captial; the resources that are used to make goods and services
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Land
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A factor of production; all natural resources used to produce good and services
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Labor
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A factor of production; the effort people devote to tasks for which they are paid
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Human Capital
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A factor of production; the knowledge and skills a worker gains through education and experience
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Physical Capital
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A factor of production; the human-made objects used to create other goods and services
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Entrepreneurship
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A person who decides how to combine resources to create goods and services
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Productivity of Labor
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The quantity of output produced by a unit of labor
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Scarcity
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The principle that limited amounts of goods and services are available to meet unlimited wants
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Market Types
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1. Perfect Competition
2. Monopoly 3. Monopolist Competition 4. Oligopoly |
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Perfect Competition
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Many firms, no variety of goods, no barriers to entry, no price control
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Monopolistic Competition
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Many firms, some variety of goods, low barriers to entry, little control over prices
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Oligopoly
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Few firms, some variety of goods, high barriers to entry, some price control
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Monopoly
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One firm, no variety of goods, complete barriers to entry, and complete price control
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Opportunity Cost
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The most desirable alternative given up as the result of a decision
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Production Possibilities Curve
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A graph that shows alternative ways to use an economy's productive resources
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