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Definition
| not enough of a certain resource to satisfy peoples wants and needs. |
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Definition
the study of how people, businesses, and
countries make choices and use their resources. |
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Definition
| things that can be seen, touched, bought or sold. |
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| something performed for others for money. |
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Four things needed to produce
goods and services. Natural resources, labor, capital,
and entrepreneurs. |
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Definition
Something provided by nature, such
as wood, oil, and coal that can be used to produce goods
and services |
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Definition
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Definition
Human-made items, such as machines and tools
that are used to produce goods and services. |
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Definition
A person who comes up with the ideas for
producing goods and services. |
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Term
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Definition
Whatever is given up when a
choice has to be made; a trade off |
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Definition
the use of resources to produce only
a single good or a few kinds of goods and services. |
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Definition
the amount of goods and services
provided by a worker or business in a given time period. |
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Definition
the use of science to create new or
better goods and services or more efficient methods of
production. |
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