Economics - 1a

study of how a society satisfies unlimited wants with limited resources

• economics

• consumer

• producers

• resource

the people who decide to buy things

• consumer

• producer

• scarcity

• services

people who make things to satisfy consumers' needs and wants

• consumer

• producers

• allocate

• boss

physical (tangible) items that can be purchased

• goods

• services

• scarcity

• opportunity cost

actions or activities that can be performed for a service (intangible)

• goods

• services

• scarcity

• productiity

anything people use to make or obtain what they need or want

• goods

• services

• resource

• factors of production

Which of the following is NOT a factor of production

• land

• labor

• capital

• money

items provided by nature that can be used to produce goods and services

• natural resources

• human resources

• capital resources

any human effort exerted during production

• natural resources

• human resources

• capital resources

manufactured products used to create products includes capital goods

• natural resources

• human resources

• capital resources