Economics - Unit 1

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Terms in this set (19)
productive resourcesinclude Natural resources (land), human resources, capital resources and entrepreneurshipland resourceResources that come from the earth.labor resourceAll human effort and skill used to produce goods and services. It can involve physical or intellectual skills. eg, teacher, gardener, plumber, resourceThe tools, equipment, and buildings that are used to produce goods and servicesentrepreneurA person who organizes, manages, and takes on the risks of a business. Takes risks in order to make a profit.public gooda shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers (ex: roads, police protection, highways, parks, schools, etc)government regulationthe act of government controlling business behavior through a set of rules or lawsmarket failurea situation in which a market left on its own fails to allocate resources efficientlysafety netgovernment programs that protect people experiencing unfavorable economic conditions

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