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Definition
| The study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants and needs.[image] |
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Definition
| The condition that exists when the desire for goods and services exceeds (is more than) the amount of resources available to produce those goods and services.[image] |
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Term
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Definition
| (LAND-LABOR-CAPITAL-ENTREPRENEURSHIP)-The resources used to produce goods and services. |
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Term
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Definition
| Identify this factor of production.[image] |
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Term
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Definition
| Identify this factor of production.[image] |
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Term
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Definition
| Identify this factor of production.[image] |
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Term
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Definition
| Identify this factor of production.[image] |
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Term
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Definition
| Advances in knowledge and ability to produce either new and improved goods and services or improve upon the way goods and services are produced and delivered.[image] |
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Term
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Definition
| Physical objects that satisfy wants and needs.[image] |
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Term
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Definition
| Actions that satisfy wants and needs.[image] |
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