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Econ ch 1
middle school economics
12
Economics
8th Grade
12/02/2010
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Term
need
 Definition
something we can't live without
Term
want
 Definition
something we would like to have
Term
limited
 Definition
only a certain amount
Term
resources
 Definition
things used to provide what we need or want
Term
land
 Definition
things in nature
Term
labor
 Definition
work
Term
capital
 Definition
goods used to make other goods
Term
factors of production
 Definition
three kinds of resources needed for making things
Term
good
 Definition
something that is made by people
Term
service
 Definition
action people do for others
Term
scarcity
 Definition
lack
Term
opportunity cost
 Definition
something that is given up in order to have something else
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