Economics - Chapter 1

Front

Our inability to satisfy all our wants is called ___________.

Back

scarcity

Front

Because we face scarcity, we must make _____________.

Back

choices

Front

A(n) __________________ is a reward that encourages an action or a penalty that discourages an action.

Back

incentive

Front

The work time and work effort that people devote to producing goods and services is __________.

Back

labor

Front

The tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services are _____________.

Back

capital

Front

The human resource that organizes land, labor, and capital is _________________.

Back

entrepreneurship

Front

Land earns ___________.

Back

rent

Front

Labor earns ___________.

Back

wages

Front

Capital earns _____________.

Back

interest

Front

Entrepreneurship earns ___________.

Back

profit