1.1 Scarcity: The Basic Economic Problem

all the resources made and used by people to produce and distribute goods and services

• capital
• consumer
• economics
• entrepreneurship

a person who buys goods and services

• consumer
• economics
• entrepreneurship
• factors of production

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

• economics
• entrepreneurship
• factors of production
• goods

the combination of vision, skill, ingenuity, and willingness to take risks needed to create and run new businesses

• entrepreneurship
• factors of production
• goods
• labor

the economic resources needed to produce goods and services

• factors of production
• goods
• labor
• land

the physical objects that someone produces

• goods
• labor
• land
• needs

all the human time, effort, and talent that go into the making of products

• labor
• land
• needs
• producer

all natural resources used to produce goods and services

• land
• needs
• producer
• scarcity

things that you must have in order to survive

• needs
• producer
• scarcity
• services

a person who makes goods or provides services

• producer
• scarcity
• services
• wants