Economics: Study of Scarce Resources - flashcards
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6 Terms
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Economics
the study on how to best use of our scarce resource
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Scarcity
Demand for resources exceeds available supply
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Land
Includes land, sea, and everything within them
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Labour
Human mental and physical effort in production of goods and services
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Capital
Goods used in the production of goods and services
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Enterprise
Entrepreneur who hire and combine the other factors of production in anticipation of profit
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