Duplicate of Economics

On the Production Possibilities Frontier graph, where would efficient production fall:

Man-made resources used in production of goods and services.

fully utilizing resources

An economy producing the maximum amount of goods and services with its available resources

Alternatives: riding your bike, listening to music. (any other desirable alternative).

What is scarcity?

All possible combinations of two goods that can be produced at efficiency.

Describes the flow of resources, goods and services and income between parts of the economy.

natural resources used to produce goods and services.Examples: coal, water, land, trees, soil

the study of scarce resources to satisfy consumers' unlimited wants.

situation where resources are operating below production capacity.

where resources from households and in return households receive income.

What is America's economic system?

a risk-taking individual in search of profits by using the factors of production

Group of individuals that provide resources to buisnesses

Economics is the study of when...

On the Production Possibilities curve, where would underutilized production fall:

Shows how households spend their income on the goods and services produced by the firms.

Which is not a factor of production?

the real cost in terms of the next best alternative forgone due to limited resources