Basics of Economics

Front

The inability to satisfy all wants at the same time.

Back

scarcity

Front

Factors of production that include natural, human, capital, and entrepreneurship.

Back

resources

Front

These are resources found in nature.

Back

natural resources

Front

These are resources that people can do such as being a teacher or a delivery driver.

Back

human resources

Front

Products that humans create for a purpose.

Back

capital resources

Front

This is making money from any type of resource.

Back

entrepreneurship

Front

The selection of an item or action from a set of possible alternatives.

Back

choice

Front

This is what is given up when a choice is made, individuals must consider the value of what is given up when making a choice.

Back

opportunity cost

Front

The combining of human, natural, capital and entrepreneurship resources to make goods and service.

Back

production

Front

This is the using of goods and services.

Back

consumption