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