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Chapter 2: Economic Challenges Facing Business
Vocabulary
11
Business
11th Grade
01/09/2012

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Term
Natural Resources
Definition
Resources that come from the air, water, or earth.
Term
Capital Resources
Definition
Resources such as machines, buildings, and equipment used to produce goods and services.
Term
Scarcity
Definition
The lack of something that will satisfy wants.
Term
Labor
Definition
The work done by people to produce goods and services.
Term
Economic Resources
Definition
Resources that can be used to produce or create goods and services.
Term
Nonrenewable Resources
Definition
Resources that cannot be replaced.
Term
Human Resources
Definition
The people whose efforts go into producing goods and services.
Term
Factors of Production
Definition
Economic resources used to produce goods and services.
Term
Renewable Resources
Definition
Natural resources that can be replaced, either by themselves or through the efforts of people.
Term
Entrepreneurship
Definition
The initiative to combine natural, human, and capital resources to produce goods or services.
Term
Economic System
Definition
A set of rules by which a nation decides how to distribute its resources to satisfy its people's wants.
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