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Scarcity & Choice

TermDefinition
Economics The study of how people, businesses and governments with limited resources make choices that satisfy their needs.
Economic resources The factors or inputs used to produce and distribute goods services and wealth
Financial Cost The price of the item we choose to buy
Opportunity Cost All the other things we could have done with our resources
Rational Gain Where the expected gains outweigh the expected loss
Factors of production The economic resources needed to produce the good sand services we need and want
Land Anything provided by nature and used to make goods and services. It's reward is rent
Labour The people involved in producing the goods and services we need and want. It's reward is wages
Capital Physical items made by people and used in the production of goods and services. It's reward is interest
Enterprise Any attempt to start of make something new. It's reward is profit
Supply Supply is the quantity of a resource that is available at a given time or price
Created by: cquin21
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