Economics Vocabulary Review

Front

The study of how people chose to use their scarce resources in an attempt to satisfy their unlimited needs and wants

Back

Economic

Front

When there is not enough of something to satisfy everyone’s needs or wants at a zero price.

Back

Scarce, Scarcity

Front

One of the four factors of Production - It is a natural resource, found in nature

Back

Land

Front

One of the four factors of Production - Human effort or service (physical or intellectual)

Back

Labor

Front

One of the four factors of Production - Machinery or equipment - Anything that is man made to produce something else

Back

Capital

Front

One of the four factors of Production - Someone who recognizes a profit opportunity, is able to organize the resources/factors of production, to satisfy a need or a want in society

Back

Entrepreneur