Econ Chapter 1 Lesson 2
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8 Terms
factors of production
resources required to produce the things we would like to have are land, capital, labor, and entreprenuers.
land
natural resources not created by people
capital
capital goods that are used by businesses
labor
service
entrepreneurs
people who make businesses
PPC Curve
used to illustrate all possible combinations of output.
opportunity cost
the value of the next best alternate given up.
consumerism (the movement)
the collective effort to protect and advance the rights and interests of consumers, particularly in relation to businesses and governments. It encompasses various activities like advocating for consumer protection laws, promoting ethical business practices, and raising awareness about consumer rights