SSEF1 Economics

When you have to put up with a half hour commute in order to make more money.

Two types of resource

Spending time studying instead of working, playing sports, or napping

Useful, scarce, and can be passed from one person to another

What is LABOR as a factor of production?

Which type of cost occurs when an individual pay for tutoring instead of going to a party?

The study of how society manages its scarce resources

What is the best answer to describe ENTREPRENEURSHIP as a factor of production?

Which of these terms are BEST synonym for the word "entrepreneur"?

Factor of production that includes people with all of their efforts and abilities → labor

Desires that can be satisfied by consuming a good, service or leisure activity

Goods that are used for producing goods, instead of being bought by consumers

Opportunity cost is based on the assumption that...

Materials, labor or money which is used to create goods and services.

The basic economic condition exists when unlimited wants exceed limited productive resources.

Business = ?

4 Factors of production

Physical, mental and social effort used to produce goods and services in an economy

The fundamental economic problem

Anything that can enhance a person's power to perform economically useful work

Basic condition where unlimited wants exceed limited resources

Food, Water, Shelter, Clothing, and Air

Land, Labor, Capital, and Entrepreneurship are the

LAND is a factor of what production?