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scarcity
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The shortage of economic resources
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terms list
scarcity
The shortage of economic resources
factors of production
The economic resources used to produce goods and services
natural resources
Raw materials found in nature used to produce goods
human resources
The knowledge, efforts, and skills people bring to their work, also called labor
capital resources
Things such as buildings, materials, and equipment used to produce goods and services
entrepreneurial resources
The initiative to improve goods and services or create new ones
economics
The study of how society chooses to use resources to produce and distribute goods and services for people's consumption
market economy
A system in which economic decisions are made in the marketplace according to the laws of supply and demand
demand
The amount of goods and services that consumers are willing to buy at various prices
supply
The amount of goods and services that producers will provide at various prices
equilibrium price
The price at which the amount of goods producers supplyh meets the amount of goods consumers demand
command economy
A system in which a central authority such as the state makes the key economic decisions
mixed economy
A combination of a command and a market economy
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