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Economics

TermDefinition
Economics the study of how you make choices to use their scarce resources in an attempt to satisfy their unlimited wants
Need Something essential for survival (ex. Food, water, shelter)
Want Something people desire, not needed for survival
Goods Physical objects that someone produces (ex. Shoes, boots, coats)
Services Actions or activities that one person performs for another (ex. Haircut, nails, concerts)
Factors of Production Resorces that are used to create goods and services
Land or Natural Resources includes atmospheric resources like rain, sunlight, and wind (ex. Oil, gas, trees)
Labor or Human Resources the effort of people devoted to a task for which they are paid
Capital any human made resource that is used to produce other goods and services, includes money
Entrepreneur Risk Taker
Created by: alaynaj
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