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Economics Topic 1

Term Sheet

TermDefinition
Need physiological, personal, or socio-economic requirements necessary for you to function and live
Want everything people desire beyond basic goods and services
Good things people buy
Services activities done for others for a fee
Scarcity people do not and cannot have enough income, time, or other resources to satisfy every desire
Economics study of how individuals and nations make choices about ways to use scarce resources to fulfill needs and wants
Shortage quantity demanded is greater than quantity supplied
Factors of Production resources of land, labor, capital, and entrepreneurship used to produce goods and services
Labor work
Capital all property-machines, buildings, tools, and money
Physical Capital tangible, man-made objects that a company buys or invests in and uses to produce goods
Human Capital
Created by: deleted user
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