economics simple vocab

the study of how society deals with the issue of scarcity

1. -implies that society need to make choices-there are limited resources that have unlimited wants

1. things that must be combined to produce goods and services

1. natural resources and good for production location

1. physical/ mental work to produce a good

1. -tools and tech

1. money to be used for purchasing 

consumer goods

household goods

business skill to make production