M5 Chapter 1-2 Key Terms

Page 2. ______: desire for goods and services.

Page 3. ______: factors used to produce goods and services.

Page 3. ______: unlimited wants exceeding finite resources.

Page 3. ________: a situation where there is not enough to satisfy everyone's wants.

Page 4. _____________: a product which requires resources to produce it and therefore has an opportunity cost.

Page 4. _________: a product which does not require any resources to make it and so does not have an opportunity cost.

Page 8: _________: human-made goods used in production.

Page 8. ________: goods and services purchased by households for their own satisfaction.

Page 7. _________:the economic resources of land, labour, capital and enterprise.

Page 7. ___________: gifts of nature available for production.