chapter 1 section 1 vocab

Question 1

wants

Answer 1

desires that can be satisfied by consuming a good or service

Question 2

needs

Answer 2

things necessary to survive

Question 3

scarcity

Answer 3

situation that exists when there are not enough resources to meet human wants

Question 4

economics

Answer 4

the study of how people choose to use scarce resources to satisfy their wants

Question 5

goods

Answer 5

physical objects that can be purchased

Question 6

services

Answer 6

work that one person performs for another for payment

Question 7

consumer

Answer 7

a person who buys goods or provides services

Question 8

factors of production

Answer 8

economic resources needed to produce goods and services

Question 9

land

Answer 9

includes all the natural resources found on or under the ground that are used to produce goods and services

Question 10

labor

Answer 10

human time, effort, and talent that go into the making of products

Question 11

capital

Answer 11

resources needed to make goods or service (machinery, tools) also known as “physical capitals”
money is not a capital

Question 12

entrepreneurship

Answer 12

person who takes the risk

Question 13

economic questions

Answer 13

what will be produced?
how will it be produced?
for whom will it be produced?

Question 14

economic choices

Answer 14

“what is the best choice for me?”