Entrepreneurshipthe act of startinga business bybringing togetherall the otherfactors ofproductionfactor ofproductiona resourceused toproducegoods andservicesHumanCapitalthe skills,knowledge, andexperiencepossessed bypeople that addsvalue to their jobsPhysicalCapitalall the thingsrequired bybusinesses toproduce goodsand services fromraw materialsefficiencyusing limitedresources tomaximizeproduction ofgoods andservicesengineersThis resourcefalls underthe laborfactor ofproductionunderutilizationusingresourcesbelow theirmaximumefficiencylaborlabor the physicaland mental effortscontributed byhumans in theproductionprocessCapitalthe buildings,equipment, andhuman skillsused toproduce goodsand servicesgunsversusbuttera simple PPCdepicting all thepossiblecombinations ofdefense goods andconsumer goodsproduced in aneconomyoilThis resourcefalls underthe landfactor ofproductionFree!trucks &airplanesThis resourcefalls underthe capitalfactor ofproductionunattainablepointany combination ofpossible outputs thatlies outside the PPCcurve; the point atwhich there are notenough resources toproduceLandall the renewableand nonrenewablenatural resourcesused in theproductionprocessproductionpossibilitiescurve(PPC)a graph showingthe total possibleamount of goodsand services thatcan be producedwith limitedavailable resourcesEntrepreneurshipthe act of startinga business bybringing togetherall the otherfactors ofproductionfactor ofproductiona resourceused toproducegoods andservicesHumanCapitalthe skills,knowledge, andexperiencepossessed bypeople that addsvalue to their jobsPhysicalCapitalall the thingsrequired bybusinesses toproduce goodsand services fromraw materialsefficiencyusing limitedresources tomaximizeproduction ofgoods andservicesengineersThis resourcefalls underthe laborfactor ofproductionunderutilizationusingresourcesbelow theirmaximumefficiencylaborlabor the physicaland mental effortscontributed byhumans in theproductionprocessCapitalthe buildings,equipment, andhuman skillsused toproduce goodsand servicesgunsversusbuttera simple PPCdepicting all thepossiblecombinations ofdefense goods andconsumer goodsproduced in aneconomyoilThis resourcefalls underthe landfactor ofproductionFree!trucks &airplanesThis resourcefalls underthe capitalfactor ofproductionunattainablepointany combination ofpossible outputs thatlies outside the PPCcurve; the point atwhich there are notenough resources toproduceLandall the renewableand nonrenewablenatural resourcesused in theproductionprocessproductionpossibilitiescurve(PPC)a graph showingthe total possibleamount of goodsand services thatcan be producedwith limitedavailable resources

Production Curves - Call List

(Print) Use this randomly generated list as your call list when playing the game. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.


1
I I
2
G G
3
B B
4
I I
5
I I
6
N N
7
B B
8
G G
9
N N
10
G G
11
I I
12
B
13
N N
14
N N
15
B B
16
G G
  1. I-the act of starting a business by bringing together all the other factors of production
    I-Entrepreneurship
  2. G-a resource used to produce goods and services
    G-factor of production
  3. B-the skills, knowledge, and experience possessed by people that adds value to their jobs
    B-Human Capital
  4. I-all the things required by businesses to produce goods and services from raw materials
    I-Physical Capital
  5. I-using limited resources to maximize production of goods and services
    I-efficiency
  6. N-This resource falls under the labor factor of production
    N-engineers
  7. B-using resources below their maximum efficiency
    B-underutilization
  8. G-labor the physical and mental efforts contributed by humans in the production process
    G-labor
  9. N-the buildings, equipment, and human skills used to produce goods and services
    N-Capital
  10. G-a simple PPC depicting all the possible combinations of defense goods and consumer goods produced in an economy
    G-guns versus butter
  11. I-This resource falls under the land factor of production
    I-oil
  12. B-Free!
  13. N-This resource falls under the capital factor of production
    N-trucks & airplanes
  14. N-any combination of possible outputs that lies outside the PPC curve; the point at which there are not enough resources to produce
    N-unattainable point
  15. B-all the renewable and nonrenewable natural resources used in the production process
    B-Land
  16. G-a graph showing the total possible amount of goods and services that can be produced with limited available resources
    G-production possibilities curve (PPC)