Details Title: Basic economics 1000 Description: basic economics Total Flash Cards: 10 Created: 09/26/2006 11:43:23		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Economics Flashcards
Cards in this set: Term Economics Definition allocates scarce resources, is a social science, determines production Term who are economic agents? Definition consumers and producers Term wants vs. needs Definition needs are limited and wants are unlimited Term what is land? Definition natural resources (ores, forests, fisheries) Term what is labor? Definition Human resources (mental or physical= skilled vs unskilled) Term what is capital? Definition Man-made aid to production (equipment, machinery, buildings) Term what is human capital? Definition education, training and experience Term what is Entrepreneurship? Definition willingness to coordinate production and to bear risks Term what is scarcity Definition not enough for everybody at a price of zero Term What is technology? Definition Knowledge about how to produce, can be embedded in capit