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14 Cards in this Set
- Front
- Back
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The production of capital goods is called...
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Capital Formation
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_____ is an organized way for a country to decide how to use its productive resources.
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Econmic System
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______ consist four basic, natural resources: land,labor,capital goods and management
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Factors of production
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The desire for scarce materials, goods or services
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economic wants
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The body of knowledge that relates to producing and using goods and services that satisfy human wants is called...
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Economics
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_____ is an economic system that determines what, how, and for whom goods and services are produced by coordinating individual choices through arrangements that aid buying and selling goods and services.
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Market Economy
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______ relate to anything provided by nature that affects the productive ability of a country.
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Natural Resources
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_____ are those goods and services that directly satisfy people's economic wants
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Consumer goods and services
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Anyone who aids in creating a utility is called a...
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Producer
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______ is the ability of a good or a service to satisfy a want
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Utility
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desired wants that are not scarce
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Noneconomic wants
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_____ are buildings, tools, machines or other equipment used to produce other goods but do not directly satisfy human wants
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Capital Goods
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A part of is _____, the accumulated knowledge and skills of human beings
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Human Capital
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_____ is the human effort, either physical or mental, that goes into the production of goods and services
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Labor
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