hw quiz 1/9

Question 1

need

Answer 1

something essential for survival

Question 2

wants

Answer 2

something you desire but is not necessary for survival

Question 3

goods

Answer 3

physical objects someone produces

Question 4

services

Answer 4

actions a person does for another person

Question 5

scarcity

Answer 5

limited amounts of goods and services are available to meet unlimited wants

Question 6

economics

Answer 6

study of how people satisfy their wants and needs

Question 7

shortage

Answer 7

when consumers want more good than are available

Question 8

entreprenuers

Answer 8

people who decide how to combine resources to create new goods/services. anyone who opens a business is an entreprenuer

Question 9

factors of production

Answer 9

resources used to make all goods/services

Question 10

land

Answer 10

natural resources used to produce goods/services

Question 11

labor

Answer 11

effort people devote to produce goods/services

Question 12

capital

Answer 12

any human-made resource used to produce other goods/services

Question 13

physical capital

Answer 13

human-made objects used to create other goods/services

Question 14

human capital

Answer 14

knowledge and skills a worker gains through education and experience