A | B |
need | something essential for survival |
want | something that people desire but that is not necessary for survival |
goods | the physical objects that someone produces |
services | the actions or activities that one person performs for another |
scarcity | the principle that limited amounts of goods and services are available to meet unlimited wants |
economics | the study of how people seek to satisfy their needs and wants by making choices |
shortage | a situation in which consumers want more of a good or service than producers are willing to make available at a particular price |
entrepreneur | a person who decides how to combine resources to create goods and services |
factors of production | the resources that are used to make goods and services |
land | all natural resources used to produce goods and servies |
labor | the effort people devote to tasks for which they are paid |
capital | any human-made resource that is used to produce goods and services |
physical capital | the human-mand objects used to creat other goods and services |
human capital | the knowledge and skills a worker gains through education and experience |