Unit 1 Focus Terms 1-27

Human desires that control the production of goods and services

• Needs

• Wants

• Utility

• Efficiency

Goods and services that are required

• Needs

• Marginal Benefit

• Marginal Cost

• Wants

Not enough resources to meet wants

• Marginal Cost

• Capital

• Scarcity

• Utility

Study of how people deal with unlimited wants and limited resources

• Opportunity Cost

• Trade-Off

• Incentives

• Economics

Food, clothing or any item that can be bought

• Factors of Production

• Services

• Goods

• Capital

When a person does work for another person

• Economize

• Factors of Production

• Capital

• Services

Buyer or user of goods and services.

• Consumer

• Labor

• Capital

• Utility

Maker of goods or produces services

• Entrepreneurship

• Producer

• Consumer

• Capital

Resources that are needed to produce goods and services

• Scarcity

• Utility

• Factors of Production

• Services

Any natural resource used to produce goods or services

• Capital

• Goods

• Land

• Services