Relacionar Columnas FundamentalsVersión en línea Match term with definition por Annette King 1 positive incentive 2 scarcity 3 incentive 4 opportunity cost 5 human capital 6 marginal benefit 7 negative incentive 8 labor 9 marginal cost 10 economics 11 capital 12 factors of production (productive resources) 13 rational choice 14 entrepreneurship 15 Land skills, knowledge, and experience a person has to contribute to the production process the study of how we allocate limited resources to satisfy unlimited wants and needs additional cost of consuming one more unit of a good or service natural resources used in production motivates individuals, businesses, and governments to undertake an action or to avoid an action. risk-taking of organizing the other factors of production to earn a profit human mental and physical activity used in production of goods and services tool, machines, factories, roads, etc. used in the production of goods and services additional satisfaction gained from consuming one additional unit of a good or service inputs used to make goods and services decisions based on cost/benefit analysis MB > or = MC basic economic problem of limited resources and unlimited wants next best alternative; what is given up when an economic choice is made penalties that are intended to discourage behaviors rewards that encourage behaviors
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