Unit 1 Review
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9 Terms
1
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What are the Factors of Production?
Land, Labor, Capital, Entrepreneurship
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What are the three types of capital in the factors of production?
human capital, physical capital, financial capital
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What is a tradeoff?
The alternative decision (or decisions) to what you chose
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What is opportunity cost?
The value of the alternative of a choice
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What is the Production Possibilities Curve
A graph of an economy producing two goods, represents the use of available resources
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C.E.L.L (The Factors of Production)
* Capital
* Entrepreneurship
* Land
* Labor
* Entrepreneurship
* Land
* Labor
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The Invisible Hand
Competition and self interest regulate the free market on their own
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Law of Increasing Opportunity Cost
As you product more of a good, the opportunity cost will increase
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Note 
Flashcards (29)