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14 Cards in this Set
- Front
- Back
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Need |
Something necessary for survival |
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Want |
Item that is desired but not essential to survival |
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Economics |
Study of how people seek to satisfy their needs and wants by making choices |
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Goods |
Physical objects/merchandise or possessions |
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Services |
Actions or activities that one person performs for another |
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Scarcity |
Implies limited quantities of resources to meet unlimited wants |
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Shortage |
When producers will not or cannot offer goods or services at the current prices |
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Factors of production |
Resources used to make all goods and services |
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Land |
All natural resources used to produce goods and services |
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Labor |
The effort that a person devoted to a task for which that person is paid |
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Capital |
Any human-made resource that is used to produce other goods and services |
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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, labor, and capital resources to create new goods and services |
