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14 Cards in this Set
- Front
- Back
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need
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something essential for survival
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want
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something that people desire but that is not necessary for survival
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goods
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the physical objects that someone produces
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services
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the actions or activities that one person performs for another
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scarcity
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the principle that limited goods and services are available to meet unlimited wants
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economics
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the study of how people seek to satisfy their needs and wants by making choices
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shortage
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a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
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entrepreneurs
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a person who decides how to combine resources to create goods and services
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factors of production
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the resources that are used to make goods and services
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land
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all natural resources used to produce goods and services
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labor
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the effort people devote to tasks for which they are paid
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capital
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any human-made resource that is used to produce other goods and services
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physical capital
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the human-made objects used to create other goods and services
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human capital
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the knowledge and skills a worker gains through education and experience
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