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Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
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Goods
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Things that are produced to satisfy wants
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Services
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Work that is done for or by someone to satisfy a want
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Scarcity
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When you do not have enough resources to produce everything you want
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Limited Resources
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Not having enough resources
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Opportunity Cost
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The next best choice one gives up in order to get something else
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Land (Natural) Resources
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All of the things found in nature
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Labor (Human) Resources
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The people who work to provide goods and services
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Capital Resources
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The tools, buildings, etc. used to make goods and perform services
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Specialization
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Each person finds a job that he or she can do well
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Division of Labor
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Dividing the jobs among the workers
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Interdependence
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Depending on one another to get the job done well
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Consumer
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Someone who buys the goods and services
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Producer
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Someone who produces (makes) the goods or services
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