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| a resource that cannot be replenished (when it's gone, it's gone) (e.g., oil) |
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| a special talent or ability to identify and take advantage of business opportunities (e.g., Steve Jobs' founding of Apple; Mark Zuckerburg's development of Facebook) |
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| anything that satisfies a person's wants or brings satisfaction; can be either tangible or intangible, although most often used to describe tangible things |
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| can be felt by touch (examples: books, cars, computers) |
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| cannot be felt by touch (examples: lectures, love, friendship) |
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| in economics, land means natural resources (water, minerals, forests, etc.) |
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| physical and mental talents of people that help produce goods and services (e.g., factory workers, teachers, salespersons) |
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| produced goods that can be used to make other finished products (e.g., machinery, farm equipment, etc.) |
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| quality of bringing unhappiness or dissatisfaction (e.g., an old car that breaks down constantly and requires costly repairs) |
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| something that can be drawn on indefinitely if replaced (e.g., timber, wheat, wind energy) |
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| tasks that people pay others to perform (e.g., haircuts, dental exams, house painting) |
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| the four factors of production required to produce goods and services |
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| the quality of bringing happiness or satisfaction (e.g., IPods provide utility by providing portable music and entertainment) |
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