1.1 Econ

A person that makes goods or provides services.

• Consumer

• Entrepreneurship

• Producer

Thing that are necessary for survival

• Needs

• Wants

• Both Needs and Wants

The study of how societies satisfy their unlimited want with limited resources.

• Entrepreneurship

• Scarcity

• Economics

A person who buys or uses goods or services.

• Consumer

• Goods

• Entrepreneurship

All the resources needed to produce goods and services.

• Economics

• Factors of Production

• Scarcity

All of the human effort used to produce goods and services

• Labor

• Producer

• Capital

All the resources needed to produce goods and services.

• Economics

• Factors of Production

• Scarcity

A situation exist when there are not enough resources to satisfy human wants.

• Economics

• Factors of Production

• Scarcity

All natural resources used to produce goods and services.

• Goods

• Land

• Capital

Involves the vision, skills, and risk-taking needed to create and run businesses.

• Economics

• Entrepreneurship

• Factors of Production