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Economics
11th Grade
01/02/2012
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Term
3 factors of production
 Definition
Land, Labor an Capital
Term
2 types of capital
 Definition
Human and physical capital
Term
Explain "guns or butter"
 Definition
a choice between Defense and Goods
Term
Human capital
 Definition
The skill of the worker
Term
Physical Capital
 Definition
ex) Factory,computers, Machines (tangle objects)
Term
scarcity
 Definition
Low amount of resources
Term
Shortage
 Definition
Not enough of something for a short period of time
Term
Trade Off
 Definition
Everything you give up
Term
Opportunity Cost
 Definition
The next best thing (next option)
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