Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
scarcity |
When something is rare or there is not a lot of something. |
|
|
Limited resources |
Resources like land or money that are in limited supply. |
|
|
Unlimited wants |
No end to the number of things people want and need. |
|
|
Human resources |
Workers and their skills. |
|
|
Natural resources |
Things in nature people find useful. |
|
|
Capital resources |
Things that are used to produced more goods and services. |
|
|
Opportunity cost |
The cost of what you are giving up to get something you want. |
|
|
Economics |
The study of how individuals and society use there scarce resources to get goods and services. |
|
|
Economic system |
A system a society uses to answer the basic economic questions such as what to produce. |
|
|
Profit |
Money a business makes after expenses are paid. |
