4 Factors of Production
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10 Terms
economics
the study of how individuals, families, businesses, societies, and countries…use their limited resources to satisfy their unlimited wants and needs
scarcity
not the same as shortage
there is never an unlimited supply of anything
all goods and services are finite
needs
essential things: food, clothing, shelter
wants
nonessential items: consumer goods, luxuries
Goods and Services
needs and wants can be satisfied by two things
4 factors of production
land
labor
physical capital
human capital
land
anything from the earth
labor
any sort of unskilled work
physical capital
anything man-made that is used to create goods and services
human capital
education, knowledge, training, experience, and entreprenuership
Note 
Flashcards (32)