Match the term with correct definition Do this by dragging a

Match the term with correct definition Do this by dragging and dropping the term to match the definition Please note there are more term will not be used a factor of production that includes all gifts of nature

Solution

(1) Land - factor of production endowed with gifts of nature (a natural resource)

(2) Physical capital - Man-made tools used in production

(3) utility - Satisfaction arising from fulfilment of a want or need. Economics assumes that all consumers want to maximize their utility.

(4) Incentive - Chance to make yourself better-off

(5) Sunk cost - Past cost that cannot be recouped