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Review Economic Term

First Quiz

Capital Goods All human creations used to produce goods and services
Economics The study of how people use their scarce resources to satisfy their unlimited wants
Entrepreneur A profit-seeker who develops a new product or process and assumes the risk of profit or loss
Good An item you can see, feel, and touch that requites scarce resources to produce and satisfies human wants
Human Resources The broad category of human efforts, both physical and mental, used to produce goods and services
Marginal incremental, additional, extra, or one morel refers to a change in an economic variable, a change in the status quo
Market The means by which buyers and sellers carry out exchange
Natural Resources so-called "gifts of nature" used to produce goods and services
Opportunity Cost The value of the best alternative passed up for the chosen item or activity
Service something not physical that requires scarce resources to produce and satisfies human wants.
Created by: alliejay



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