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chapter 1 vocab
chapter 1 vocab
6
Economics
Undergraduate 1
09/01/2008
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Term
factors of production
 Definition
the resources used to produce goods and services (production inputs)
Term
physical capital
 Definition
the stock of equipment, machines, structures, and infrastructure that is used to produce goods and services
Term
human capital
 Definition
the knowledge and skills acquired by a worker through education and experience
Term
entrepreneurship
 Definition
the effort used to coordinate the factors of production to produce and sell products
Term
positive analysis
 Definition
"What is?" or "What will be?"
Term
normative analysis
 Definition
"What ought to be?"
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