flash cards eco.docx - Introducing the Economic Way of...

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Introducing the Economic Way of Thinking flash cards: 1. Scarcity- The condition in which human wants are forever greater than the available supply of time goods, and resources. 2. labor - The mental and physical capacity of workers to produce goods and services. 3. Land – Any natural resource provided by nature that is used to produce a good or service 4. Resources – the basic categories of inputs used to produce goods and services. Resources are also called factors of production. Economists divide resources into three categories: land, labor, and capital. 5. Entrepreneurship – The creative ability of individuals to seek profits by taking risks and combining resources to produce innovative products, 6. Economics – The study of how society chooses to allocate its scarce resources to the production of goods and services to satisfy unlimited wants. 7. Capital – A human-made good used to produce other goods and services.
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