CGHS Economics Ch. 1 Vocab 2024

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Scarcity

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A condition facing all societies because there are not enough productive resources to satisfy people’s unlimited wants.

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Productive resources

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The inputs used to produce the goods and services that people want.

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Economics

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

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Human resources

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The broad category of human efforts both physical and mental used to produce goods and services.

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Labor

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The physical and mental effort used to produce goods and services.

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Entrepreneur

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Someone who tries to earn a profit by developing a new product or finding a better way to produce an existing one.

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Natural resources

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So-called 'gifts of nature' used to produce goods and services; includes both renewable and exhaustible resources.

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Capital goods

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All human creations used to produce goods and services.

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Good

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An item you can see, feel, and touch that requires scarce resources to produce and satisfies human wants.

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Service

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Something not physical that requires scarce resources to produce and satisfies human wants.