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14 Cards in this Set
- Front
- Back
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Need |
A need is something like air, food, or shelter that is necessary for survival. |
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Want |
A want is an item that we desire but is not essential to survival. |
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Economics |
Is the study of how people seek to satisfy their needs and wants by making choices |
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Goods |
Goods are physical objects such as shoes and shirts |
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Services |
A services are 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 |
Shortages occurs when producers will not or cannot offer goods or shortages at the current prices |
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Factors of production |
Are the land, labor, and capital |
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Land |
Refers to the natural resources used to produce good and services |
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Labor |
Labor is the effort that a person devotes to a task for which that person is paid |
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Capital |
Is any human-made resource that is used to produce other goods and services |
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Physical capital |
Includes buildings and tools |
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Human capital |
Is the knowledge and skills a worker gains through education and experience. |
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Entrepreneurs |
Are ambitious leaders who decides how to combine land, labor, and capital resources to create new goods and services |
