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CIV M6L4 Key Terms
Civics Module 6 Lesson 4 Key Terms
| 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 or 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. |