Economics chapter 1

This is the condition that results from society not having enough resources to produce all the things it needs.

This is the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of resources.

This is a basic requirement for survival and includes food, clothing, and shelter.

This is a way of expressing a need.

These are resources required to produce the things we want or need.

This refers to natural resources like sunshine, pastures, forest, and mineral banks.

This is the tools, equipment, machinery, and factories used to produce the goods and services that people need or want.

This is the money used to buy the equipment and factories that are needed to produce goods and services.

This is the people with the effort, knowledge, and skills to produce the goods and services.

This is a person who invents, or has an idea that benefits the general public enough for them to be able to make money off of their idea.