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10 Cards in this Set
- Front
- Back
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scarcity
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the state of being scarce or in short supply
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Economics
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the branch of knowledge concerned with the production, consumption, and transfer of wealth |
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need
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require (something) because it is essential or very important.
"I need help now" |
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want
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lack or be short of something desirable or essential
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factors of production
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Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services
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land
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in economics Is defined as the gift of nature
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capital
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wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
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financial capital
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most commonly refers to assets needed by a company to provide goods or services, as measured in terms of money value. Money raised from debt and equity issues is normally referred to as capital. Economic capital is the estimated amount of money needed to cover possible losses from unexpected
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labor
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the work required to produce a product
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entrepreneurship
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is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. Entrepreneurs are pioneers, innovators, leaders and inventors.
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