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Flashcards in Chapter 1 Deck (14):
1

Need

Something like air, food, or shelter (necessary for survival)

2

Want

Desired but not essential to survival

3

Economics

Study on how people seek to satisfy needs and wants by choice

4

Goods

Physical objects (clothes or shoes)

5

Services

Actions and activities that one performs for another

6

Scarcity

Limited quantities of resources to meet unlimited wants

7

Shortage

Good or service in unavailable

8

Factors of production

land, labor, and capital; make all goods and services

9

Land

Natural resources used to make goods and services

10

Labor

Effort people devote to a task; paid

11

Capital

Human made RESOURCES used to create other goods and services

12

Physical capital

Human made GOODS used to create other goods and services (tools, buildings)

13

Human capital

Skills and knowledge gained by a worker through education and experience

14

Entrepreneur

Ambitious leader who combines land, labor, and capital to create and market new goods and services