Details

Title: 1.1 The Economic Problem

Description: Vocab

Total Flash Cards: 11

Created: 10/23/2009 05:23:56

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Additional Economics Flashcards

Cards in this set:

Term
Scarcity
 Definition
A condition facing all the societies because there are not enough productive resources to satisfy people's unlimited wants
Term
Economics
 Definition
The study of how people use their scarce resources to satisfy their unlimited wants
Term
Productive Resources
 Definition
(factors of production) The inputs used to produce the goods and services that people want
Term
Labor
 Definition
The physical and mental effort used to produce goods and services
Term
Entrepreneur
 Definition
A profit-seeker who develops a new product or process and assumes the risk of profit or loss
Term
Natural Resources
 Definition
So-called "gifts of nature" used to produce goods and services; includes both reneable and exhastible resources
Term
Capital Good
 Definition
All human creations used to produce goods and services; for example, factories, trucks, and machines
Term
Good
 Definition
An item you can see, feel, and touch; requires scarce resources to produce; and satisfies human wants
Term
Service
 Definition
Something not physical that requires scarce resources to produce and satisfies human wants
Term
Human Resources
 Definition
The broad category of human efforts, both physical and mental, used to produce goods and services
Term
3 types of resources
 Definition
Renewable, biological, exhaustable