Economic Fundamentals Worksheet

includes production such as land, capital, etc..
limited amount
sacrifice with potential gain
resources from the land
labor
knowledge and experience
man-made objects
amount a consumer is willing to pay for an additional good or service.
cost added by producing one additional unit of a product or service.
can be negative or positive outcome
entity focuses on the production of a limited scope of goods
dividing a job into many specialized parts
dividing a job into many specialized parts
societies/governments organize and distribute available resources, services, and goods
passed down to generation after generation
everything is done through a centrally by a government
the uses and benefits of their property
captures scarcity of resources and opportunity costs.
obtain a share of a limited good
imposition of rules by government