Chapter 1 Vocabulary

Chapter 1 Vocabulary - Chapter 1 Vocabulary Good- Anything...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1 Vocabulary Good- Anything from which individuals receive utility or satisfaction. Utility- The satisfaction one receives from a good. Bad- Anything from which individuals receive disutility or dissatisfaction. Disutility- The dissatisfaction one receives from a bad. Land- All natural resources, such as minerals, forests, water, and unimproved land. Labor - The physical and mental talents people contribute to the production process. Capital- Produced goods that can be used as inputs for further production, such as factories, machinery, tools, computers, and buildings. Entrepreneurship- The particular talent that some people have for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things. Scarcity- The condition in which out wants are greater than the limited resources available to satisfy those wants. Economics-
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Chapter 1 Vocabulary - Chapter 1 Vocabulary Good- Anything...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online