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Civics M6 L4 Vocab
Term | Definition |
---|---|
Scarcity | When limited resources prevent us from producing all of the goods and services we want or need. |
Trade-off | The economic sacrifice a person makes when choosing one thing over another. |
Opportunity Cost | The value of the sacrifice made when choosing one good or service over another. |
Factors of Production | The resources needed to make goods and services. |
Land | Natural resources, or goods provided by nature, that are used to produce goods and provide services. |
Labor | The people or effort that goes into making a good or service. |
Capital | Resources and raw materials needed to produce the goods and services of a country. |
Entrepreneurship | People who invest and are willing to take a risk in business. |