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12 terms

economics test

STUDY
PLAY
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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