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Micro/Macro Econ

Chapter 1 sect 1

TermDefinition
Need air, food, shelter, for survival
Want something we desire but not essential to survival
Goods Physical objects such as clothes
Services actions which one person performs for another
Scarcity limited resources to meet unlimited wants
Shortage situation in which a good/service is unavailable
Factors of Production Land, Labor, Capital,
Land natural resources that are used to make goods or services
Labor the effort people put toward a task for which they are paid
Capital any human made resource that is used to create other goods and services
Physical Capital all human made goods that are used to produce other goods and services, tools, and buildings
Human Capital the skills and knowledge gained by a worker through education and experience
Entrepreneur ambitious leader who combines land, labor, and capital to create and market new goods and services
Created by: acoronado
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