What is economics?

Not having enough of a certain resource to satisfy people's needs and wants

• natural resources

• goods

• capital

• scarcity

The study of how people, businesses, and governments choose to use their limited resources

• economics

• technology

• cost of production

• supply

things that can be seen, touched, and bought and sold

• standard of living

• consumer

• good

• natural resouces

An activity performed for others for money

• mixed system

• service

• traditional system

• productivity

Factors of Production

• labor, factory, money, technolgy

• capital, labor, opportunity cost, technology

• specialization, natural resources, incentive, supply

• natural resources, labor, capital, entrepreneurs

something provided by nature that can be used to produce goods and services

• natural resources

• human resources

• supply

• demand

labor

• skilled craftsmen

• women

• men

• workers

Human made items such as machines and tools, that are used to produce goods and services

• capital

• production costs

• technology

• productivity

a person who comes up with the ideas for producing goods and services

• millionaires

• entrepreneurs

• laborers

• middle class

whatever is given up when a choice must be made; a trade off

• opportunity cost

• law of supply

• economics

• cost of production