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11 Cards in this Set
- Front
- Back
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Scarcity |
A condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants.
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Productive Resources |
The inputs used to produce the goods and services that people want. |
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Economics |
The study of how people use their scarce resources to satisfy their unlimited wants. |
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Human Resources |
The broad category of human efforts, both physical and mental, used to produce goods and services. |
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Labor |
The physical and mental effort used to produce goods and services.
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Entrepreneur |
A profit-seeker who develops a new product or process and assumes the risk of profit or loss. |
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Natural Resources |
So-called "gifts of nature" used to produce goods and services; includes both renewable and exhaustible resources. |
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Capital Goods |
All human creations used to produce goods and services; i.e. trucks, factories, and machines.
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Good |
An item you can see, feel, and touch that requires scarce resources to produce and satisfies human wants.
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Service |
Something not physical that requires scarce resources to produce and satisfies human wants. |
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Economic Theory |
A simplification of economic reality used to make predictions about the real world. |
