ECON Unit 1 Vocab-Pre

Front

Definition: the study of how people satisfy needs and wants through choices.

Back

Economics

Front

Essential for survival: air, food, shelter

Back

Need

Front

An item we desire but is not essential for survival.

Back

Wants

Front

Physical objects like clothes or shoes

Back

Goods

Front

Actions one person performs for another

Back

Services

Front

Limited resources vs. unlimited wants

Back

Scarcity

Front

A situation where a good/service is unavailable or demand exceeds supply, usually temporary.

Back

Shortage

Front

land, labor, capital, entrepreneurship

Back

Factors of Production

Front

Natural resources used to make goods and services

Back

Land

Front

Effort devoted to a paid task

Back

Labor