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What are the Factors of Production?
Land, Labor, Capital, Entrepreneurship
What are the three types of capital in the factors of production?
human capital, physical capital, financial capital
What is a tradeoff?
The alternative decision (or decisions) to what you chose
What is opportunity cost?
The value of the alternative of a choice
What is the Production Possibilities Curve
A graph of an economy producing two goods, represents the use of available resources
C.E.L.L (The Factors of Production)
Capital
Entrepreneurship
Land
Labor
The Invisible Hand
Competition and self interest regulate the free market on their own
Law of Increasing Opportunity Cost
As you product more of a good, the opportunity cost will increase
Note 
Flashcard (156)