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13 Cards in this Set

  • Front
  • Back
Scarcity
The shortage of economic resources.
Factors of Production
The economic resources used to produce goods and services.
Natural Resources
Raw materials found in nature used to produce goods.
Human Resources
The knowledge, efforts, and skills people bring to their work, also callled labor.
Capital Resources
Things such as buildings, materials, and equipment used to produce goods and services.
Entrepreneural Resources
The initiative to improve goods and services or create new ones.
Economics
The study of how society chooses to use resources to produce and distribute goods and services for people's consumption.
Market Economy
A system in which economic decisions are made in the marketplace according to the laws of supply and demand.
Demand
The amount of goods and services that consumers are wiling to buy at various prices.
Supply
The amount of goods and services that producers will provie at various prices.
Equilibrium Price
The price at which the amount of goods producers supply meets the amount of goods consumers demand.
Command Economy
A system in which a central authority such as the state makes the key economic decisions.
Mixed Economy
A combination of a command and a market economy.