economics test

12 terms by estall 

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economics

the branch of social science that deals with the production and distribution and consumption of goods and services and their management

maslows hierarchy of needs

A systemetric arrangment of needs, according to priority, in wich basic needs are aroused

the want-satisfaction chain

production, distribution, consumption

production

manufacturing or mining or growing something (usually in large quantities) for sale

distribution

division into shares or portions

consumption

the utilization of economic goods to satisfy needs or in manufacturing

land

property

labor

productive work

capital

wealth in the form of money or property owned by a person or business and human resources of economic value

factors of production

land, labor, and capital; the three groups of resources that are used to make all goods and services

entrepreneurship

the process of getting into and operating one's own business

scarcity

a small and inadequate amount

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