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What are the 3 Main Concerns of Economics?
1. Production 2. Distribution 3. Consumption
It is the foregone value of the next best alternative, the value of things we give up.
Opportunity Costs
What Factor of Production is this?
Land
is an increase in the capacity of an economy to produce goods and services.
Economic Growth
It represents the frontier of the economy's production abilities.
Production Possibilities Curve
is when the available Human resources are being maximized efficiently.
Full Employment
is a compensation based on the number of hours worked multiplied by an hourly rate.
Wage
The total satisfaction received from consuming a good or service.
Utility
are the goods or services available to produce valuable end user products, also called factors of production.
Economic Resources
What are the 2 kinds of Capital mentioned by the reporter?
Physical Capital and Human Capital
is the utilization of a good or a service for one's very own satisfaction.
Consumption
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
is when resources are allocated in the most efficient manner.
Full Production
is the allocation of the total product (money incomes) among factors of production.
Distribution
These are the people who are responsible in combining the three other economic resources.
Entrepreneurs
Factors of Production which focuses on work, time and human effort included in the production.
Labor
