Economics | Focus Area 1 Flash Cards

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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 seek to satisfy their needs and wants by making choices.

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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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A profit seeker who develops a new product or process and assumes the risk of profit or loss.

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Natural Resources

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So-called 'gifts of nature' used to produce goods and services.

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Capital Goods

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All human creations used to produce goods and services, for example, factories, trucks, and machines.

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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.