
Econ Unit 1 Flashcards
Flashcard
•
Social Studies
•
12th Grade
•
Hard
Spencer Herber
FREE Resource
Student preview

50 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Scarcity
Back
The fundamental economic problem where unlimited wants exceed the limited resources available to satisfy them.
2.
FLASHCARD QUESTION
Front
Economics
Back
The study of how people try to satisfy their wants through the careful use of scarce resources.
3.
FLASHCARD QUESTION
Front
What are the four factors of production?
Back
Land, Labor, Capital, and Entrepreneurship.
4.
FLASHCARD QUESTION
Front
Land (Factor of Production)
Back
Natural resources or "gifts of nature" not created by human effort.
5.
FLASHCARD QUESTION
Front
Labor (Factor of Production)
Back
People with all their efforts, abilities, and skills.
6.
FLASHCARD QUESTION
Front
Capital (Factor of Production)
Back
The tools, equipment, machinery, and factories used in the production of goods and services.
7.
FLASHCARD QUESTION
Front
Entrepreneurship (Factor of Production)
Back
Risk-takers who combine the other factors of production in search of profit.
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