Economics Vocabulary Flashcard

Front

What is the study of how individuals and societies allocate limited resources to satisfy unlimited wants?

Back

Economics

Front

The fundamental problem that arises because people have unlimited wants but resources are limited is known as ____.

Back

Scarcity

Front

Which of the following are tangible products that satisfy human wants and needs? Services, Goods, Labor, Capital

Back

Goods

Front

Actions or activities performed for others in exchange for payment are called ____.

Back

Services

Front

A person who buys and uses goods and services is known as a ____.

Back

Consumer

Front

A person, company, or entity that makes and sells goods or provides services is called a ____.

Back

Producer

Front

Natural resources such as minerals, forests, and water that are used in the production process are called ____.

Back

Land

Front

The human effort, both physical and mental, that contributes to the production of goods and services is known as ____.

Back

Labor

Front

Physical tools, equipment, machinery, and money used to produce goods and services are referred to as ____.

Back

Capital

Front

Who is affected by the condition of scarcity?

Back

Everyone in society