front 1 Opportunity cost | back 1 The value of the next best alternative forgone |
front 2 Production possibility curve | back 2 A graph to show the maximum that can be produced from two products and opportunity cost is the slope |
front 3 Occupationally moblie | back 3 Capable of changing use |
front 4 Geographically immobile | back 4 Incapable of moving from one location to another location |
front 5 Occupational mobility | back 5 The ability of factors of production to move from one use to anther |
front 6 Geographical mobility | back 6 The ability of factors of production to move from one area to anther |
front 7 Scarcity | back 7 A situation where there is not enough to satisfy everyone’s wants |
front 8 The economic problem | back 8 Unlimited wants exceed scarce resources |
front 9 Factors of production | back 9 The economic resources of capital, enterprise, labour, and land |
front 10 Land | back 10 Gifts of nature available for production |
front 11 Labour | back 11 All human effort mental and physical involved in producing goods and services |
front 12 Capital | back 12 Human made goods used in production |
front 13 Enterprise | back 13 Risk bearing and decision making in business |
front 14 Investment | back 14 Spending on capital goods |
front 15 Depreciation | back 15 The value of replacing capital |
front 16 Productivity | back 16 Output per worker hour |
front 17 Economic good | back 17 A product which requires resources to produce it and therefore has an opportunity cost |
front 18 Free good | back 18 A product which does not require resources to produce it and therefore has no opportunity cost |
front 19 A planned economy | back 19 An economy where the government makes the crucial decisions, land and capital are state-owned and resources are allocated by directives |
front 20 A market economy | back 20 An economy where consumers determine what is produced, resources are allocated by the price mechanism and land and capital are privately owned |
front 21 A mix economy | back 21 no data |