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 the 4 categories that make up the limited means of production

Solution

(1) Factors of production - the 4 categories of means of production (Capital, labor, land, technology)

(2) Opportunity cost - Opportunity lost when scarce resources are used

(3) Self-interest - Option to maximize well-being [As per Adam Smith\'s invisible hand, if the consumers and firms are left on their own, they will act to the best of their own self-interest which will maximize the social welfare]

(4) Marginal benefit - Additional gains from last unit consumed

(5) Equilibrium - decision makers have no incentive to deviate from current state