SSEF1 Economics

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

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

The study of how society manages its scarce resources

4 Factors of production

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

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

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

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

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

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

The fundamental economic problem

Food, Water, Shelter, Clothing, and Air

What is LABOR as a factor of production?

Land, Labor, Capital, and Entrepreneurship are the

LAND is a factor of what production?

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

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

Basic condition where unlimited wants exceed limited resources

Two types of resource

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

Opportunity cost is based on the assumption that...

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

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

Business = ?