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