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