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Game Code: 716759
English
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Karisma Joyce Cabrigas
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What are the 3 Main Concerns of Economics?
1. Production 2. Distribution 3. Consumption
5
It is the foregone value of the next best alternative, the value of things we give up.
Opportunity Costs
5
What Factor of Production is this?
Land
5
is an increase in the capacity of an economy to produce goods and services.
Economic Growth
5
It represents the frontier of the economy's production abilities.
Production Possibilities Curve
5
is when the available Human resources are being maximized efficiently.
Full Employment
5
is a compensation based on the number of hours worked multiplied by an hourly rate.
Wage
5
The total satisfaction received from consuming a good or service.
Utility
5
are the goods or services available to produce valuable end user products, also called factors of production.
Economic Resources
5
What are the 2 kinds of Capital mentioned by the reporter?
Physical Capital and Human Capital
5
is the utilization of a good or a service for one's very own satisfaction.
Consumption
5
is an economic level at which the economy can no longer produce additional amounts of good without lowering the production level of another product.
Product Efficiency
5
is when resources are allocated in the most efficient manner.
Full Production
5
is the allocation of the total product (money incomes) among factors of production.
Distribution
5
These are the people who are responsible in combining the three other economic resources.
Entrepreneurs
5
Factors of Production which focuses on work, time and human effort included in the production.
Labor
5
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