Econ 1.1 Vocab Flashcard

Front

An ambitious leader who combines land, labor, and capital to create and market new goods and services is...

Back

entrepreneur

Front

Effort devoted to a paid task is...

Back

labor

Front

Skills and knowledge gained by a worker through education and experience.

Back

human capital

Front

Human-made goods used to produce other goods and services; tools and buildings.

Back

Physical capital

Front

Scarcity:

Back

Limited resources to meet unlimited needs.

Front

Shortage:

Back

A situation where a good or service is unavailable.

Front

Factors of production:

Back

Land, labor, and capital; the three resource groups for making goods and services.

Front

Define land?

Back

Natural resources used to make goods and services.

Front

A ____________ is essential for survival (e.g., air, food, shelter).

Back

need

Front

An item we desire but is not essential for survival.

Back

want