Intro to Econ Section 1 & 2 Vocab

desires that can be satisfied by consuming a good or a service

• scarcity

• producer

• needs

• wants

______ are things that are necessary for survival

exists when there are not enough resources to satisfy human wants

• desires

• economics

• scarcity

• wants

__________ is the study of how individuals and societies satisfy their unlimited wants with limited resources.

objects that can be bought

• goods

• services

• consumer

• producer

__________ are work that one person does for another.

A person who buys or uses goods or services

A maker of goods or a provider of services.

• consumer

• producer

• services

• goods

are the resources needed to produce goods and services

• capital

• labor

• land

• Factors of production

all natural resources used to produce goods and services

• labor

• land

• capital

• entrepreneurship