CH 1

Front

Benefit

Back

what you enjoy from something

Front

Capital

Back

Tools and machines used to make goods or services

Front

Economic model

Back

A simple explantation of how the economy works

Front

Economics

Back

The study of how people use limited resources

Front

Efficiency

Back

using resources in the best way

Front

Entrepreneurship

Back

Organizing land, labor, and capital to start a business

Front

Factors of production

Back

resources used to make goods and services: land, labor, capital, entrepreneurship

Front

Goods and services

Back

Physical things and helpful actions

Front

Human capital

Back

skills and knowledge people have

Front

Incentive

Back

Something that motivates a person to act