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11 Cards in this Set

  • Front
  • Back

Scarcity

A condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants.


Productive Resources

The inputs used to produce the goods and services that people want.

Economics

The study of how people use their scarce resources to satisfy their unlimited wants.

Human Resources

The broad category of human efforts, both physical and mental, used to produce goods and services.

Labor

The physical and mental effort used to produce goods and services.


Entrepreneur

A profit-seeker who develops a new product or process and assumes the risk of profit or loss.

Natural Resources

So-called "gifts of nature" used to produce goods and services; includes both renewable and exhaustible resources.

Capital Goods

All human creations used to produce goods and services; i.e. trucks, factories, and machines.


Good

An item you can see, feel, and touch that requires scarce resources to produce and satisfies human wants.


Service

Something not physical that requires scarce resources to produce and satisfies human wants.

Economic Theory

A simplification of economic reality used to make predictions about the real world.