| A | B |
|---|
| Factors of Production | Productive Resources needed to produce goods- Land, labor, capital, entrepreneurs |
| Land | Natural resources or "gifts of nature" not created by human effort. |
| Capital | Tools, Equipment, and factories used in the production of goods and services. Any good that is uded to run a business is capital. |
| Labor | People with all of their efforts abilities and skills. These are the workers who are employed by the entrepreneurs. |
| Entrepreneurs | risk takers in search of profits who start businesses. They are often thought of as being the driving force of the economy. |
| Production Possibilities Curve | A graph that illustrates all of the possible combinations of output. It represents various combinations of goods and services an economy can produce when all of its resources are efficiently used. |
| opportunity cost | Cost of the next best alternative use of money, time, or resources, when one choice is made rather than another. |
| trade-offs | alternatives that must be given up when one choice is made over others. |
| The right to safety | A consumer right that protects aginst goods that are dangerous to life and health. |
| The right to be informed | A consumer right to receive information that can be used for reasoned choices and protection against fraud. |
| The right to choose | A consumer right to be protected in markets where competition may not always exist |
| The right to be heard | The consumer right that guarantees that consumer interests will be considered when laws are being written. |
| The right to redress | The consumer right that allows consumers the ability to receive adequate payment from producers if they are harmed by their products. |
| Consumerism | A movement that began in the 1960's. It was an attempt to educate buyers about purchases they make and to demand better and safer products from producers. |
