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14 Cards in this Set
- Front
- Back
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Need |
Something like air, food, or shelter that is necessary for survival. |
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Want |
An item that we desire but that is not essential to survival. |
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Economics |
The study of how people seek to satisfy their needs and wants by making choices. |
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Goods |
Physical objects such as shoes and shirts. |
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Services |
Actions or activities that one person performs for another. |
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Scarcity |
Limited quantities of resource to meet unlimited wants. |
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Shortage |
Occurs when producers will not or cannot offer goods or services at the current prices. |
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Factors of production |
Land, labor, and capital. |
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Labor |
The effort that a person devotes to a task for which that a person is paid. |
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Physical Capital |
Human-made objects used to create other goods and services. |
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Human Capital |
The knowledge and skills a worker gains through education and experience. |
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Entrepreneurs |
Ambitious leaders who decide how to combine land and labor, and capital resources to create new goods and services. |
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Land |
Refer to all natural resources used to produce goods and services |
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Capital |
Any human-made resources that is used to produce other goods and services. |
