Relier Pairs FundamentalsVersion en ligne Match term with definition par Annette King 1 scarcity 2 marginal benefit 3 Land 4 factors of production (productive resources) 5 rational choice 6 marginal cost 7 entrepreneurship 8 positive incentive 9 incentive 10 economics 11 labor 12 human capital 13 capital 14 opportunity cost 15 negative incentive inputs used to make goods and services risk-taking of organizing the other factors of production to earn a profit penalties that are intended to discourage behaviors 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 rewards that encourage behaviors natural resources used in production motivates individuals, businesses, and governments to undertake an action or to avoid an action. additional cost of consuming one more unit of a good or service 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 decisions based on cost/benefit analysis MB > or = MC next best alternative; what is given up when an economic choice is made basic economic problem of limited resources and unlimited wants
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