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14 Cards in this Set

  • Front
  • Back
The production of capital goods is called...
Capital Formation
_____ is an organized way for a country to decide how to use its productive resources.
Econmic System
______ consist four basic, natural resources: land,labor,capital goods and management
Factors of production
The desire for scarce materials, goods or services
economic wants
The body of knowledge that relates to producing and using goods and services that satisfy human wants is called...
_____ is an economic system that determines what, how, and for whom goods and services are produced by coordinating individual choices through arrangements that aid buying and selling goods and services.
Market Economy
______ relate to anything provided by nature that affects the productive ability of a country.
Natural Resources
_____ are those goods and services that directly satisfy people's economic wants
Consumer goods and services
Anyone who aids in creating a utility is called a...
______ is the ability of a good or a service to satisfy a want
desired wants that are not scarce
Noneconomic wants
_____ are buildings, tools, machines or other equipment used to produce other goods but do not directly satisfy human wants
Capital Goods
A part of is _____, the accumulated knowledge and skills of human beings
Human Capital
_____ is the human effort, either physical or mental, that goes into the production of goods and services