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Business Foundation

Vocab

TermDefinition
Basic Economic Problem(scarcity) the problem which faces individuals, businesses, and governments of satisfying unlimited want with limited resources.
Capital Resources tools, equipment, and buildings used in producing goods and services.
Economic Decision Making the process of choosing which wants, among several wants being considered, will be satisfied.
Economic Resources (Factors of production) the means through which goods and services are produced.
Goods thing you can see and touch.
Human Resources (labor) people who work for a business.
Natural Resources raw materials supplied by nature.
Needs things that are necessary for survival such as food, clothing, and shelter.
Services things that satisfy our wants through the efforts of other people or equipment.
Wants things that are not necessary for survival but that add comfort and pleasure to our lives.
Created by: Jesse15
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