Economics: Chapter 1, Section 1

something essential for survival

• Need

• Want

• Goods

• Services

• Scarcity

something that people desire but that is not necessary for survival

• Economics

• Want

• Goods

• Services

• Scarcity

physical objects that someone produces

• Economics

• Shortage

• Goods

• Services

• Scarcity

actions or activities that one person performs for another

• Economics

• Shortage

• Entrepreneur

• Services

• Scarcity

principle that limited amounts of goods and services are available to meet unlimited wants

• Economics

• Shortage

• Entrepreneur

• Factors of Production

• Scarcity

study of how people seek to satisfy their needs and wants by making choices

• Economics

• Shortage

• Entrepreneur

• Factors of Production

• Land

situation in which consumers want more of a good or service than producers are willing to make available at a particular price

• Labor

• Shortage

• Entrepreneur

• Factors of Production

• Land

person who decides how to combine resources to create goods or services

• Labor

• Capital

• Entrepreneur

• Factors of Production

• Land

resources that are used to make goods and services

• Labor

• Capital

• Physical Capital

• Factors of Production

• Land

all natural resources used to produce goods and services

• Labor

• Capital

• Physical Capital

• Human Capital

• Land