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Intro to Economics

Factors of Production The economic resources a country needs to produce goods and services successfully.
Land All of the natural resources available in a country that can be used to produce goods and services.
Labour The people available in a country to help produce goods and services, and the qualifications and skills they have.
Capital All of the man-made things that are available to help in the production of goods and services.
Enterprise The person who uses creativity to bring together land, labour and capital to produce goods and services.
Scarcity The idea that we all have limited resources, but unlimited wants, so have to make choices.
Economics The study of how individuals, businesses and governments with limited resources (scarcity) make choices - in order to satisfy their needs and wants.
Opportunity Cost The item we decide not to buy when we have a choice based on limited income.
Financial Cost How much an item costs to buy in money.
Created by: JohnD_
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