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10 Cards in this Set
- Front
- Back
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the study of how people seek to satisfy their needs and wants by making choices
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economics
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limited quantities of resources to meet unlimited wants
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scarcity |
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resources
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factors of production |
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natural resources |
land |
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workers |
labor |
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man made stuff to make other stuff |
physical capital |
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skills gained by a worker through education and experience |
human capital/labor |
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ambitious leader who combines land, labor, and capital to create and market goods and services |
entrepreneur
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the most desirable alternative given up as the result of a decision
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opportunity cost
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what can be produced
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production possibility curve |
