T1 Vocab Economic Foundations

Front

The condition where resources are limited

Back

Scarcity

Front

The study of how people manage limited resources

Back

Economics

Front

Resources needed to produce goods and services

Back

Factors of Production

Front

Natural resources used to produce goods and services

Back

Land

Front

Human effort used in production

Back

Labor

Front

Tools, equipment, and buildings used in production

Back

Capital

Front

A person who starts a business

Back

Entrepreneur

Front

Essentials for survival

Back

Needs

Front

Non-essential items desired

Back

Wants

Front

Physical items produced for sale

Back

Goods