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