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Economics Ch. 1 Lesson 1

The physical objects that someone produces.
The knowledge and skills a worker gains through education and experience.
Something that people desire but that is not necessary for survival.
Resources that are used to make all goods and services.
Human made objects used to create other goods and services; capital goods.
The principle that limited amounts of goods and services are available to meet unlimited wants.
When consumers want more of a good or service than producers are willing to make available at a particular price.
Actions or activities that one person performs for another.
The effort people devote to tasks for which they are paid.
Any material found in nature that people use to make things or to provide services.
Something essential for survival.
People who decide how to combine resources to create new goods and services.
Refers to all natural resources used to produce goods and services.
Refers to any human made resource that is used to produce other goods and services.