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AP MACRO REVIEW

Terms in this set (275)

society's virtually unlimted wants paired our scarce and limited resources create this problem
the "economizing problem"
usefulness or satisfaction
utility
all natural, human, and manufactured items that go into the production of goods and services
economic resources
they are the four factors of production (AKA economic resources)
land, labor, capital, entrepreneurship
all gifts of nature
land
manufactured/manmade tools used in production
capital
all human effort, physical and mental
labor
the risktaker that combines land, labor, and capital in order to create a new product
entrepreneur
income received by labor
wages
income received by capital
interest
income received by land
rent
income received by entrepreneurs
profit
use of all available resources
full employment
production of any particular mix of goods and services in the least costly way
productive efficiency
production of the particular mix of goods and services most wanted by society
allocative efficiency
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