Introduction to Economics-Flashcards

Front

Four resources needed to make goods and services

Back

Land, Labor, Capital, Entrepreneurship

Front

Land

Back

The surface of the Earth and the resources found in and on it. Sometimes called natural resources.

Front

Natural resources

Back

Visual representation of land as a resource.

Front

Labor

Back

The ability of people to do work.

Front

Capital

Back

The money and goods used to help people make or do things.

Front

Entrepreneurship

Back

The act of running a business and taking risks to succeed.

Front

Illustration of an entrepreneur in action.

Back

Image of a person in a bakery setting

Front

Primary goal of an entrepreneur

Back

To create and grow a business.

Front

Supply

Back

An amount of a product that is offered for sale.

Front

Illustration of supply chain components.

Back

Image of various supply chain elements