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Economics - Scarcity and the Factors of Production

Review games for vocabulary terms

AB
needsomething essential for survival
wantsomething that people desire but that is not necessary for survival
goodsthe physical objects that someone produces
servicesthe actions or activities that one person performs for another
scarcitythe principle that limited amounts of goods and services are available to meet unlimited wants
economicsthe study of how people seek to satisfy their needs and wants by making choices
shortagea situation in which consumers want more of a good or service than producers are willing to make available at a particular price
entrepreneura person who decides how to combine resources to create goods and services
factors of productionthe resources that are used to make goods and services
landall natural resources used to produce goods and servies
laborthe effort people devote to tasks for which they are paid
capitalany human-made resource that is used to produce goods and services
physical capitalthe human-mand objects used to creat other goods and services
human capitalthe knowledge and skills a worker gains through education and experience


Teacher
Hanover Central High School
Cedar Lake, IN

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