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Related Flashcards
Cards In This Set
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Scarcity
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The Condition that results from society not having enough resources to produce all the things people would like to have.
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Economics
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The Study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resoures.
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Need
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A basic requirement for survival andd includes food, clothing, and shleter.
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Want
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A way of expressing a need.
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Factors of Production
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Productive resorces that make up the four categories of land, capital, labor, and entrepreneurship.
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Land
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Natural resources or "Gifts of nature" not created by human effort; one of four factors of production.
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Capital
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Tools, equiment, and factories used in the production of goods and services; one of four factors of production.
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Labor
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People with all them abilities and efforts; one of four factors of production, does not include the entrepreneur.
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Entrepreneur
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Risk taking individual in search of profits; one of four factors of production
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Production
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Process of creating goods and services with the combined use of land, capital, labor, and entrepreneurship.
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Gross Domestic Product (GDP)
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Dollar value of all final goods, services, and structures produced within a country's natural bordes during a one-year period.
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Economic product
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Good or sevice that is useful, relatively scarce, and transferable to others.
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Good
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Tangible economic product that is useful, Relatively scarce, transferable to others; used to satisfy wants and needs.
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Consumer Good
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Good intended for final use by consumers rather than businesses.
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Capital Good
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Tool, equiment, or other manufactured Good sued to produce other goods and services; a factor of produuction
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