Unit 1 Vocab #1-10-Econ

Front

Basic economic problem: limited resources & unlimited wants

Back

Scarcity

Front

Something necessary to survive

Back

Need

Front

Something desired but not essential for survival.

Back

Want

Front

Item that satisfies a want or need, providing utility.

Back

Good

Front

Transaction with no physical good transferred.

Back

Service

Front

Inputs to create goods/services

Back

Factors of production

Front

Factor of production from the earth, not man-made.

Back

land

Front

Efforts contributing to goods/services production

Back

Labor

Front

Machinery, tools, buildings, etc.; anything that contributes to a good/service.

Back

Capital

Front

Mechanism that connects buyers and sellers

Back

Market