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Intro. to Economics

TermDefinition
scarcity A limited amount of resources to meet unlimited wants.
trade-off Giving up something to gain something else
opportunity cost The most desirable alternative given up as a result of a decision. 2nd best choice
resources Anthing used to satisfy wants.
productive resources Anything used to make something else.
goods Physical objects that people, business, or governments buy.
services The actions or activities that people use to make things work.
land Natural resources used to make something else, not just the ground, e.g. water, minerals, wood.
labor Human effort to produce a good or service.
physical capital Man-made things used to produce other goods and services.
human capital The knowledge and skills used to produce a good or service.
entrepreneur The person who takes the risk to combine factors of production to produce a good or service.
factors of production The resources used to make all goods and services.
shortage Occurs when consumers want more of a good or service than producers are willing to make available at a particular price.
Created by: Taylorscards
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