| A | B |
|---|
| economics | study of how individuals, families, businesses and societies use limited resources to fulfill unlimited wants |
| scarcity | condition of not being able to have all the goods and services one wants |
| factors of production | resources of land, labor, capital, and entrepreneurship used to produce goods and services |
| land | natural resources and surface land and water |
| labor | human effort directed toward producing goods and services |
| goods | objects that can satisfy people's wants or needs |
| services | actions that can satisfy people's wants or needs |
| capital | previously manufactured goods used to make other goods and services |
| productivity | the amount of output of goods and services that results form a given level of inputs labor, land, capital, and entrepreneurship |
| entrepeneurship | ability of risk taking individuals to develop new products and start new businesses for profit |
| technology | advance in knowledge leading to new and improved goods and services and better ways of producing them |
