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| not eneought of a certain resource to sastify people needs and wants |
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| the study of how people, businesses, and countries make choices and use their resources. |
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1.things that can be seen, touched, bought or sold |
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| something performed for others for money |
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Four things needed to produce goods and services. Natural resources, labor, capital, and entrepreneurs. |
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Something provided by nature, such as wood, oil, and coal that can be used to produce goods and services |
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| Human-made items, such as machines and tools that are used to produce goods and services |
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| A person who comes up with the ideas for producing goods and services. |
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| Whatever is given up when a choice has to be made; a trade off |
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| the use of resources to produce only a single good or a few kinds of goods and services |
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the amount of goods and services provided by a worker or business in a given time period |
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the use of science to create new or better goods and services or more efficient methods of production |
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