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Details Title The Basics Description Introductory Economics Vocabulary Total Cards 10 Subject Economics Created 08/23/2007

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Cards

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.

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