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Social Studies
| Term | Definition |
|---|---|
| F.O.P (Factors of Production)- | The materials that people combine to make something that satisfies our wants or needs. |
| Land- | The non-made materials(natural resources) used to make a product or provide a service. |
| Labor- | The skills, knowledge, time and energy of people involved in making a product or providing a service. Think of it as "People Power" |
| Capital- | Man made items like tools and factories used to produce a good or service. |
| Wants- | The desire or need for a product or service. |
| Production- | The combination of the land, labor, and capital to make a good or provide a service. |
| Distribution- | The act of making a product or service available to people. |
| Consumption- | The act of using a good or product. Satisfaction may only be temporary. |
| Benefits- | The positive aspects associated with a choice. |
| Scarcity- | The absence of something that results from the conflict between unlimited wants and limited sources. |