S.S. Vocabulary
Terms
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- factors of production
- are the resources necessary for production.They are resources used to produce goods and services.
- consumer goods
- are goods that are used or acquired primarily for personal, family, or household purposes.
- entrepreneur
- is a person who assembles the factors of production to create new goods and services. ( a person who develops a plan to make money
- economics
- the study of how people choose to use scarce resources to satisfy their wants.
- buisness
- is a trade (craft), profession, or occupation,like farming, whether it is full or part time
- consumption
- is economics, is the utilization of economic goods and services to satisfy wants of indviduals or in manufactoring.
- wants
- are the unfulfilled desires that motivate human behavior and that when satisfied improve human well being
- surplus
- is an excessive amount.
- limited resources
- refer to the limited quanities of labor, capitol, land, &entrepreneurship available to an economy for the production of goods and services.
- capital goods
- also known as physical capitol, are goods used over and over again to produce other goods.
- production
- is the manufactering, mining,or growing somehing (usually in large quanities) for sale.
- labor
- refers to any human effort, physical or mental, used in the production of a good or service.
- partnership
- is a buisness with two or more owners who share in the operation of the firm and in financial responsibility for the firms debts
- shortage
- is an insufficiant ammount. it occurs when a producer will not or can not offer a good or service at current price.
- land
- refers to all of the natural resources that are used to produce goods and services.
- consumer
- is a person who buys goods or services and uses them personally instead of selling them.
- public goods and public services
- are goods and services that would not be provided in a pure free-market system.
- capitol
- refers to any man-made resource used to produce other goods and services.
- human capital
- is the knowledge through education and experiance used to produce goods and services.
- goods
- are the tangible items (capable of being seen or touched) that can satisfy peoples wants.
- services
- are the actions that can satisfy peoples wants. Attorneys, contractors, janitors, pest control, physicians, security gaurds, teachers, wast disposal are only a few examples of this.
- scarcity
- is the problem of limited resources and unlimited wants.
- producers
- are the people who make goods or provide services.
- distribution
- refers to the way in which a nations resources,goods, and services are allocated (distribute according to plan)