Term
| Factors of Production/Economic Resources |
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Definition
| Includes Land, Labor, Entreprenuership, and Capital. Land makes rent, Labor makes Wages, Entreprenuers make profit, and Capital makes Interest |
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Term
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Definition
| The value of the option that you fore go |
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Term
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Definition
| The process of analyzing the additional or incremental costs or benefits arising from a choice or decision |
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Term
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Definition
| Houses --(Labor, Land, Capital)--> Factor Markets --(Inputs of Production)--> Firms --(Goods and Services)--> Product Markets --(Final Product)--> Households |
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Term
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Definition
| As the number produced of a good increases, the opportunity cost of that good also increases |
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