01 Intro & Scarcity

Which of the points on the graph are inefficient?

Factor of Production that combines the other factors of production to make a product

Which of the points on this graph is unobtainable?

Productive resource which includes natural resources that a product is made of.

Giving false information about a trade; Makes the Trade involuntary.

Forcing someone to trade; Makes trade involuntary

A skill or ability a person has that makes a job easier

Deciding how to distribute or give out goods that you have produced.

Using all available resources to produce products

Type of good that is purchased to be used up

The discipline that studies how to use limited resources to obtain unlimited needs and wants.

In a tradeoff, this is the next most preferred option that you must sacrifice.

Idea that you become more efficient by focusing on one job and building human capital in it.

Factor of production that includes workers and their work.

Idea that there are not enough resources to meet our needs and wants

Idea that the PPC is curved because, as you switch from producing one thing to another, it gets harder and harder.

Type of good that is purchased to be used to make it easier to produce other goods.

Goods that you must have to live.

Type of capital that includes all tools and machines that improve production.

All of the things that you need to create a good or service.