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Terms in this set (15)
the use of science to create new or better goods and services, or more efficient methods of production
human made things like machines and tools that are used to produce goods and services
things that can be seen, touched and bought or sold
An activity performed for others for money, like teaching or selling
the study of how people, businesses, and governments choose to use their limited resources
things provided by naturel, like wood, oil, coal that could be used to produce goods and services.
the four things needed to produce goods and services: natural resources, labor, capital, and entrepreneurs.
factors of production
the use of resources to produce only a single or a few kinds of goods or services.
not enough of a certain resource to satisfy people's needs and wants.
the amount of goods and services produced by a worker or business in a given time period.
people who come up with the ideas for producing goods and services. They are willing to take risks of going into business.
Whatever is given up when a choice must be made. It's a trade-off.
Things that everyone MUST have to survive. Examples food, drink, shelter, and clothing.
Things that you desire but not really need. Example cell phone.
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