Scarcity Flashcards

Terms for Vocab #1--Scarcity and Factors of Production

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