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Chapter 1 vocab

Chapter 1 vovab

TermDefinition
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.
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