Economic Vocab Flashcard Part 1

Front

Scarcity is a concept that affects the choices individuals make because:

Back

resources are limited and people must make decisions about how to use them.

Front

The factors of production are:

Back

Land, labor, capital, and entrepreneurship

Front

What does the term 'scarcity' mean?

Back

Scarcity means the limited availability of resources to meet unlimited wants.

Front

Fill in the blank: Scarcity is an economic condition where there are not enough ________ to satisfy all of the wants and needs of consumers.

Back

resources

Front

What is the fundamental economic problem and the basis of all economic thought?

Back

Scarcity

Front

Since we can’t have everything we want, we must do what regarding our resources?

Back

We must make choices about how to use our resources.

Front

What is the factor of production that refers to natural resources?

Back

Land

Front

Which factor of production is described as Human Resources?

Back

Labor

Front

What type of capital refers to the skills and knowledge of workers?

Back

Human capital

Front

What is the willingness and ability to start new businesses called?

Back

Entrepreneurship