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Chapter 1 vocab
Chapter 1 vovab
Term | Definition |
---|---|
1. Natural resources | The earth contains oil, minerals, and the nutrients needed to grow crops and timber and to feed animals. |
2. Human resources | In the example of the chicken noodle soup, many people are needed to complete the work required to produce that product. |
3. Entrepreneur | someone who takes a risk in starting a business to earn a profit. |
4.capital resources | the products and money used to produce goods and services |
5. the basic economic problem | the mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem. |
6. Scarcity | not having enough resources to satisfy every need |
7. Economic decision-making | the process of choosing which wants, among several options, will be satisfied. |
8. Trade-off | what you make when you give something up to have something else. |
9. opportunity cost | the value of the next -best alternative that you did not choose. |
10. |