Vocab
Vocab
Vocab
Vocab
Circular Flow Chart
100
This is the measurement of the amount of things produced by the amount of inputs in a certain time
What is productivity
100
Not having enough resources to get your unlimited wants
What is scarcity
100
The work put into creating goods or services
What is Labor
100
Economic items that are sold at a price
What is Product
100
Products flow to ____________ who by them with money
What is People
200
The natural resources used that is not created by people
What is Land
200
The market where people work to receive pay
What is Factor Market
200
The good or service capacity to provide satisfaction
What is Utility
200
Accumulation of goods that are tangible and transferable to another person
What is Wealth
200
___________ receive income after they refine the goods from the product market
What is Businesses
300
The physical location where people buy and sell goods or services
What is Market
300
goods or services that are not needed for survival but for satisfaction
What is want
300
People that create their own business and are risk-takers to introduce new products to the market
What is Entrepreneur
300
Items that are necessary for survival
What is Need
300
People receive money from ___________ markets for their labor
What is Factor
400
The goods used as tools to accomplish goals
What is Capital
400
worth of a good or service expressed in dollars and cents
What is Value
400
The market where goods are sold to people
What is Product Market
400
People that use goods and services to satisfy wants and needs, but nothing is produced
What is Consumer
400
People spend money at _____________ markets to receive goods and services
What is Product
500
Production that uses land, labor, capital, and entrepreneurs
What is Factors of Production
500
Receiving an intangible good provided by another person
What is Service
500
Economic items that satisfy economic wants
What is good
500
The study of human behavior based upon people's decisions of scarce resources
What is Economics
500
Resources flow from ______________ markets where businesses buy them
What is Factor
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