Quiz vocabulary

The study of choices and how a society allocates scarce resources

These are the factors of production used in the making of goods and services.

Land, labor, capital, and entrepreneurship

A tool or equipment used to produce other goods

This is the change in the total cost of an item that occurs when the quantity produced changes by one unit.

This is the value lost when one alternative is chosen over another.

Any factor, usually financial, to influence one choice over another by an individual or business

This is when each worker performs a specific task in production.

This is when resources are limited and the need for a good or service is higher for a society than what is produced.

Not using all of the productive resources available

This is one of the main factors of production. It is the measure of the work done by people.

This is an additional or extra benefit associated with an action.

Using all of the productive resources to their full potential

This the process of separating the tasks in the process of production and assigning different tasks to different workers

Anything that brings value

Something is vital to sustain ones life

Anything that takes away something from you (Time, Money, Opportunity)

This is a person who takes the risk of a new business enterprise

When marginal benefits are greater than marginal costs.

Thisisoneof factorsofproduction(productive resource),referringtoanythingthatistakenfromthe earthduringtheproductionofago

Something that is not vital to sustain life

This is an economic situation related to opportunity cost in which one thing is given up in order to do something else.

Method of distribution of goods and services

This is equipment and factories used in the production of goods and services.

This is the act of buyers and sellers freely and willingly engaging in market transactions.