Economic Decision Making
The process of choosing which want, among several wants being considered, will be satisfied.
The means through which goods and services are produced.
The problem which faces individuals, businesses and governments of satisfying unlimited wants with limited resources.
Raw materials supplied by nature
Things you can see and touch.
Tools, equipment, and buildings used in producing goods and services.
Things that are necessary for survival, such as food, clothing, and shelter
People who work to produce goods and services.
Things that are not necessary for survival but that add comfort and pleasure to our lives.
Things that satisfy our wants through the efforts of other people or equipment.
Factors of Production
Another name for "Economic Resources."
Another name for "Human Resources."
Another name for "Goods."
Another name for "Capital Resources."