Term
|
Definition
| Not enough of a certain resource to satisfy people's needs and wants. |
|
|
Term
|
Definition
| The stdy of how people, businesses, countries make choices, use their resources. |
|
|
Term
|
Definition
| Things that might be seen, touched, bought, sold. |
|
|
Term
|
Definition
| Something that can be performed for others for money. |
|
|
Term
|
Definition
| Four things needed to produce goods & services. Natural resources, labor, Capital, entrepreneurs. |
|
|
Term
|
Definition
| Something provided by nature, such as wood, oil, coal that can be used to produce goods & services. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Human- made items, such as machines, tools that are used to produce goods & services. |
|
|
Term
|
Definition
| A person who comes up with ideas for producing goods & services. |
|
|
Term
|
Definition
| Whatever is given up when a choice has to be made: A trade off. |
|
|
Term
|
Definition
| The use of resources to produce only a single goods or a few kinds of goods and services. |
|
|
