Terms for Vocab #1--Scarcity and Factors of Production
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| 202858608 | Viability | Capable of becoming practical and useful | 1 | |
| 202858609 | Scarcity | The basic economic problem that results from a combination of limited resources and unlimited wants | 2 | |
| 202858610 | Innovation | Something new, a change; the act of introducing a new method, idea, device, etc. | 3 | |
| 202858611 | Economics | The study of how people, businesses, and societies make decisions to use limited resources to fulfill unlimited wants | 4 | |
| 202858612 | Factors of Production | The resources necessary to produce all goods and services: land, labor, capital, and entrepreneurship | 5 | |
| 202858613 | Land | All natural resources; the gifts of Nature | 6 | |
| 202858614 | Labor | The work people do to produce goods and services | 7 | |
| 202858615 | Capital | The manufactured goods used to produce other goods and services: buildings, tools, machines | 8 | |
| 202858616 | Entrepreneurship | The ability of individuals to start new businesses, introduce new products and processes, and improve management techniques | 9 | |
| 202858617 | Goods | Tangible products that we use to satisfy our wants and needs | 10 | |
| 202858618 | Services | Intangible products: activities that are done for others for a fee | 11 | |
| 202858619 | Technology | Any use of land, labor, and/or capital that produces good and services more efficiently | 12 | |
| 202858620 | Utilize | To make use of; put to use, especially to good use | 13 | |
| 202858621 | Focus | To direct one's attention on something | 14 | |
| 202858622 | Wealth | The total value of money and other assets, minus outstanding debts | 15 |
