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Definition
| A condition facing all the societies because there are not enough productive resources to satisfy people's unlimited wants |
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Term
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Definition
| The study of how people use their scarce resources to satisfy their unlimited wants |
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Definition
| (factors of production) The inputs used to produce the goods and services that people want |
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Definition
| The physical and mental effort used to produce goods and services |
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Term
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Definition
| A profit-seeker who develops a new product or process and assumes the risk of profit or loss |
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Term
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Definition
| So-called "gifts of nature" used to produce goods and services; includes both reneable and exhastible resources |
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Definition
| All human creations used to produce goods and services; for example, factories, trucks, and machines |
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Term
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Definition
| An item you can see, feel, and touch; requires scarce resources to produce; and satisfies human wants |
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Term
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Definition
| Something not physical that requires scarce resources to produce and satisfies human wants |
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Term
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Definition
| The broad category of human efforts, both physical and mental, used to produce goods and services |
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Term
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Definition
| Renewable, biological, exhaustable |
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