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Economics Final Review
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factors of production
Land, Labor, Capital, Entrepreneurship
positive externality
beneficial side effect that affects an uninvolved third party
negative externality
the situation in which costs spill over onto someone who is not involved in producing or consuming the good
trade off
Giving up one thing for another
opportunity cost
Cost of the next best alternative use of money, time, or resources when one choice is made rather than another
three fundamental economic questions
what to produce, how to produce, for whom to produce
rational self interest
assumption in economics that people do what they want for a reason that makes sense to them at the time of the incident
microeconomics
Study of individual consumers and businesses.
macroeconomics
Study of a nation's economy as a whole.
scarcity
A situation in which unlimited wants exceed the limited resources available to fulfill those wants
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