Social Studies Vocab
Terms
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- Capitol
- anything produced in an economy that is saved to be used to produce other goods and sevices
- Wants
- the consumer's wants or demands for a good or service
- Distribution
- the act of making something avaible
- Production
- a combination of land, labor, and capitol to make a good
- Land
- non man-made materials used to make a product
- Factors of Production
- resources people have for producing goods. the three factors of production are Land Labor and Capitol
- Consumption
- the act of using a good or product
- Scarcity
- limited resources leading to wants or demands going unmet
- Labor
- time,energy,knowledge,and the skills involved in making a product or providing a service
- Opportunity Cost
- the benfit of highest value given up in exchange for something else
- Benefit
- positve aspects associated w/an economic decision