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Ch1Sc1

Vocabulary Flashcards

TermDefinition
wants desires that can be satisfied by consuming a good or service
need food, clothing, and shelter that are necessary for survival
scarcity situation where not enough resources meet human wants
economics study of how individuals and societies satisfy their unlimited wants with limited resources
goods physical objects: food, clothing, and furniture that can be purchased
services work that one person does for another payment
consumer person who buys goods or services for personal use
producer a person who makes goods or provides services
factors of production the economic resources needed to produce goods and services
land all natural resources on or under the ground that are used to produce goods and services
labor human time, effort, and talent used to produce goods and services
capital all resources people make and use to produce and distribute goods and services
entrepreneurship the combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run new businesses
Created by: shortbreadcookie
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