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Definition
Not enough of a certain resource to satisfy people's needs and wants |
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Term
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Definition
the study of how people, business, and governments choose to use their resources |
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Term
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Definition
things that can be seen, touched, and bought or sold |
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Term
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Definition
an activity performed for others for money, such as teaching or selling |
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Term
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Definition
the four things needed to produce goods and services:
- natural resources
- labor
- capital
- entrepeneurs
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Term
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Definition
| something provided by nature, such as wood, oil and coal, that can be used to produce goods and services. |
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