Unit 1, Ch 1 Vocab

Front

Inputs to produce goods and services are called

Back

productive resources

Front

A condition where resources are insufficient to meet unlimited wants is called

Back

scarcity

Front

Effort to produce goods/services is called

Back

labor

Front

A profit-seeker who develops a new product or process and assumes the risk of profit or loss.

Back

entrepreneur

Front

Human efforts, both physical and mental, to produce goods and services.

Back

human resources

Front

Study of using scarce resources to satisfy unlimited wants.

Back

economics

Front

Human creations for producing goods/services, e.g., factories, trucks, machines.

Back

capital goods

Front

Simplification of economic reality for predictions

Back

economic theory

Front

Gifts of nature used to produce goods and services; includes renewable and exhaustible resources.

Back

natural resources

Front

Not physical, requires scarce resources, satisfies human wants

Back

service