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