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The Basics
Introductory Economics Vocabulary
10
Economics
08/23/2007

Additional Economics Flashcards

 


 

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Term
Economics
Definition
The study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants and needs.
Term
Scarcity
Definition
The condition that exists when the desire for goods and services exceeds (is more than) the amount of resources available to produce those goods and services.
Term
Factors of Production
Definition
(LAND-LABOR-CAPITAL-ENTREPRENEURSHIP)-The resources used to produce goods and services.
Term
LAND
Definition
Identify this factor of production.
Term
LABOR
Definition
Identify this factor of production.
Term
CAPITAL
Definition
Identify this factor of production.
Term
ENTREPRENEURSHIP
Definition
Identify this factor of production.
Term
TECHNOLOGY
Definition
Advances in knowledge and ability to produce either new and improved goods and services or improve upon the way goods and services are produced and delivered.
Term
GOODS
Definition
Physical objects that satisfy wants and needs.
Term
SERVICES
Definition
Actions that satisfy wants and needs.