Scarcity and Factors of Production Flashcard

Front

The study of how people choose to use scarce resources to satisfy their wants.

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Economics

Front

Desires that can be satisfied by consuming a good or service.

Back

wants

Front

Things, such as food, clothing or shelter, that are necessary for survival.

Back

needs

Front

Economics can be described as the study of

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Choices

Front

The condition of scarcity can be described as one that exists when our unlimited needs/wants exceed our limited resources.

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exists when our unlimited needs/wants exceed our limited resources

Front

FOP refers to

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Factors of Production

Front

The 4 Factors of Production (FOP) are

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land, labor, capital, entrepreneurship

Front

The crops and animals on a farm are examples of which factor of production?

Back

Land

Front

__________ is the fundamental, universal, and perpetual economic problem that no one is immune to.

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Scarcity

Front

The difference between scarcity and shortage is

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scarcity is a natural & re-occurring condition; shortage is a man-made condition