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Definition
| a condition facing all 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 inputs used to produce the goods and services that people want |
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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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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
| 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 renewable and exhaustible resources |
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Term
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Definition
| all human creations used to produce goods and services (ex. 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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