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13 Cards in this Set
- Front
- Back
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Wants |
The desires that can be satisfied by consuming a good or a service. |
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Needs |
Things that are necessary for survival. |
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Scarcity |
Exists when there are not enough resources to satisfy human wants. |
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Economics |
Is the study of how individuals and societies satisfy and unlimited wants with limited resources. |
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Goods |
Are objects, such as food, clothing, and furniture, that can be bought. |
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Services |
Are work that one person does for another. |
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Consumer |
Is person who buys or uses goods or services. |
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Producer |
Is a maker of goods or provider of services. |
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Factors of production |
The resources needed to produce goods and services. |
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Land |
Refers to all natural resources used to produce goods and services. |
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Labor |
Is all of the human effort used to produce goods and services. |
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Capital |
Is all of the resources made and used by people to produce goods and services. |
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Entrepreneurship |
Involves the vision, skills, and risk- taking needed to create and run business. |
