Factors of Production
All natural resources that are used to produce goods and services
LAND
Equal rights to all.
LEGAL EQUALITIES
What is the study of how people make choices to satisfy their wants?
ECONOMICS
Something we would like to have but is not necessary for survival
A WANT
Any effort a person devotes to a task for which that person is paid
LABOR
The drive for the improvement of material well-being
PROFIT MOTIVE
This occurs when there is limited quantities of resources needed to unlimited needs or desires
SCARSITY
A good that last 3 years or more when used on a regular basis
DURABLE GOOD
Any human made resource that is used to create other goods and services
CAPITAL
The ability for anyone to compete in the marketplace
OPEN OPPORTUNITY
This occurs when producers will not or cannot offer goods and services at current prices
SHORTAGES
A good that lasts fewer than 3 years when used on a regular basis
NON DURABLE
Economists encourage us to consider the ______ and _____ of our decisions.
BENEFITS AND COSTS
The right to control your possessions as you wish.
PRIVATE PROPERTY RIGHTS
This is a basic requirement for survival
A NEED
Is intendent for final use by individuals
CONSUMER GOOD
Name the 4 factors of production.
LAND, LABOR, CAPITAL, AND ENTREPRENEUR
The rivalry among sellers to attract consumers.
COMPETITION
All the alternatives we give up whenever we chose one course of action over others
TRADE OFFS
A good used by a business to produce other products