What is Economics?

Front

The study of how people figure out ways to get things they need and want by making choices.

Back

Economics

Front

Something a person cannot live without

Back

Need

Front

Scarcity

Back

Having a limited number of an item

Front

Actions one person does for another person

Back

Service

Front

What is land?

Back

All the natural resources used to make goods

Front

What are the factors of production?

Back

Land, Labor, Capital and Entrepreneurs

Front

What is an example of Capital?

Back

All of the above (Money, Tools, Factories)

Front

Entrepreneur

Back

Business Owner

Front

What is an example of a service?

Back

Banking

Front

What is the primary role of an entrepreneur?

Back

To innovate and take risks