hw quiz 1/9 Flashcards
need
something essential for survival
wants
something you desire but is not necessary for survival
goods
physical objects someone produces
services
actions a person does for another person
scarcity
limited amounts of goods and services are available to meet unlimited wants
economics
study of how people satisfy their wants and needs
shortage
when consumers want more good than are available
entreprenuers
people who decide how to combine resources to create new goods/services. anyone who opens a business is an entreprenuer
factors of production
resources used to make all goods/services
land
natural resources used to produce goods/services
labor
effort people devote to produce goods/services
capital
any human-made resource used to produce other goods/services
physical capital
human-made objects used to create other goods/services
human capital
knowledge and skills a worker gains through education and experience