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Economics Unit 1

Entrepreneur A person who gets ideas for providing goods and services.
Scarcity Not enough of a resource to make people feel comfortable with their needs and wants.
Factors of Production The things required to to provide goods and services: natural resources, labor, capital, and entrepreneurs.
Capital Things made by people, like machines and tools that can provide goods and services.
Economics The study of how people, businesses, and governments decide to use their limited resources.
Labor Workers.
Goods Things that can be looked at, touched, and bought or sold.
Natural Resource Materials provided by nature, like wood, oil, and coal that are useful for providing goods and services.
Created by: Drew_St