labor
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all physical and mental activity devoted to producing goods and services
do less
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mc>mb
resource costs
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price decreases, s shift to right
price increases, s shift to left
service
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an intangible product or action
subsidies
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payments from governments as a result of economic activity; s shift to right
shortage
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supply<demand
marginal cost (mc)
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, the additional cost associated with one more unit of an activity
entrepreneurial activity
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skill to combine land, labor and capital into a productive process
rational decision making
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framework on how individuals and firms make choices, based on self
interest, marginal decision making and optimization
resource
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Any item, whether a gift of nature, the result of production, or the result of
human effort, that is used to produce goods and services
human capital
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all physical and mental activity devoted to producing goods and services
do less
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mc>mb
resource costs
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price decreases, s shift to right
price increases, s shift to left
service
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an intangible product or action
subsidies
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payments from governments as a result of economic activity; s shift to right
shortage
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supply<demand
marginal cost (mc)
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, the additional cost associated with one more unit of an activity
entrepreneurial activity
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skill to combine land, labor and capital into a productive process
rational decision making
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framework on how individuals and firms make choices, based on self
interest, marginal decision making and optimization
resource
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Any item, whether a gift of nature, the result of production, or the result of
human effort, that is used to produce goods and services
human capital
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