What is Economics?

A point on the inside of a Production Possibilities Curve

In simple terms, economics is all about

The study of how people and countries make decisions about how to use their resources in the most efficient way.

Which decision making factor causes people to compare what they have to give up versus what they have to gain?

Which character traits and behaviors represent entrepreneurs?

Graph showing all the combination of goods/services that can be produced.

We make economic choices every day based on our

The trade offs that nations face to use resources to produce more military goods or consumer goods

When a good or service is unavailable.

Which is an example of Physical Capital?

Land, Labor, Capital, and Entrepreneurs make up the

A person who combines the factors of production to start a new business or improve on something.

A problem in which wants are unlimited and resources are limited

The value of the most desirable alternative given up.

When people have a job and do work for which they are paid.

All of the alternatives given up when we make a decision.

New technology and better quality/quantity resources would cause the PPC to

The skills and knowledge gained from education and experience.