UNIT 1 & 2-Supply Chain Management I

Front

A Social Science that studies the production, distribution, and consumption of goods and services within an economy.

Back

ECONOMICS

Front

Fundamental economic problem of meeting people's virtually unlimited wants with scarce resources.

Back

SCARCITY

Front

The tools, equipment, machinery, and factories used in the production of goods and services.

Back

CAPTIAL or CAPTIAL GOODS

Front

A risk-taker in search of profits who does something new with existing resources.

Back

ENTREPRENEUR

Front

Any good that lasts more than 3 years when used on a regular basis.

Back

DURABLE GOOD

Front

Takes place in production, when workers perform only tasks they can do better or more efficiently than others.

Back

SPECIALIZATION

Front

This is the cost of the next-best alternative.

Back

OPPORTUNITY COST

Front

The quality of life based on the ownership of the necessities and luxuries that make life easier.

Back

STANDARD OF LIVING

Front

Economic system in which the allocation of scare resources and other economic activities are based on ritual, habit, or custom.

Back

Traditional

Front

The economic term for an organized way in which a society provides for the wants and needs of its people.

Back

Economic System