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What Factor of Production is this?
Capital
What Factor of Production is this?
Entrepreneurial Ability
What Factor of Production is this?
Labor
Studies the efficient allocation of the scarce means of production toward the satisfaction of human wants.
Economics
(In economics) What acronym "P.P.C." stands for?
Production Possibilities Curve
What are the 4 Factors under Production?
1. Land 2. Labor 3. Capital 4. Entrepreneurial Ability
is the effort to organize the production process.
Entrepreneurial Ability
is the creation or addition of utility -- total satisfaction received from consuming good or services.
Production
The imbalance between human needs and wants and the means of satisfying them.
Scarcity
is compensation quoted on a monthly or annual basis.
Salary
Factors of Production which focuses on work, time and human effort included in the production.
Labor
These are the people who are responsible in combining the three other economic resources.
Entrepreneurs
is the allocation of the total product (money incomes) among factors of production.
Distribution
is when resources are allocated in the most efficient manner.
Full Production
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 the utilization of a good or a service for one's very own satisfaction.
Consumption
What are the 2 kinds of Capital mentioned by the reporter?
Physical Capital and Human Capital
are the goods or services available to produce valuable end user products, also called factors of production.
Economic Resources
The total satisfaction received from consuming a good or service.
Utility
is a compensation based on the number of hours worked multiplied by an hourly rate.
Wage
is when the available Human resources are being maximized efficiently.
Full Employment
It represents the frontier of the economy's production abilities.
Production Possibilities Curve
is an increase in the capacity of an economy to produce goods and services.
Economic Growth
What Factor of Production is this?
Land
It is the foregone value of the next best alternative, the value of things we give up.
Opportunity Costs
What are the 3 Main Concerns of Economics?
1. Production 2. Distribution 3. Consumption


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