Economics Vocabulary Chapter 1

What is the study of satisfying unlimited wants with limited resources?

• Scarcity

• Economics

• Efficiency

• Equality

Not enough resources to produce all of societies wants

• want

• scarcity

• need

• specialization

basic requirements for survival

• need

• want

• labor

• service

The means of expressing a need

• want

• production

• wealth

• value

land, labor, capital, entrepreneurship

• factors of production

• product market

• economic growth

• factor market

natural resources

• service

• labor

• land

• capital

tools to produce goods

• production

• capital

• service

• labor

money used to buy tools

• financial capital

• human capital

• trade-offs

• capital good

people's works to produce goods

• labor

• need

• want

• utility

risk takers in search of profits

• market

• value

• employees

• entrepreneurs