Ch. 1 Section 1 Flashcards
0
Q
Scarcity
A
People do not have and cannot have enough income, time, and other resources to satisfy their every want
1
Q
Economics
A
Study of how individuals, families, and businesses use limits resources to fulfill their unlimited wants
2
Q
Factors of production
A
Resources needed to produce goods and aervcies
3
Q
4 factors of production
A
Land, labor, capital, entrepreneurship
4
Q
Land
A
Natural reaources
5
Q
Labor
A
Work people do; human reaources
6
Q
Goods
A
Tangible items people buy
7
Q
Capital
A
Manufactured goods used to make other goods and servces
8
Q
Technology
A
Any use of land, labor, and capital that produced goods and services more wfficienly
