Utility - Satisfaction!, Marginial - Additional!, Allocate - Distribute!, Shortages - Occur when producers will not or cannot offer goods or services at current prices. Shortages are temporary., Price - Amount buyer (or consumer) pays., Cost - Amount seller pays to produce a good., Investment - The money spent by BUSINESSES to improve their production., Goods - Physical objects that satisfy needs and wants., Consumers Goods - Created for direct consumption (example: pizza)., Capital Goods - Created for indirect consumption (oven, blenders, knives, etc.)., Services - Actions or activities that one person performs for another (teaching, cleaning, cooking)., Land - All natural resources that are used to produce goods and services. Anything that comes from "mother nature." (Water, Sun, Plants, Oil, Trees, Stone, Animals, etc.)., Labor - Any effort a person devotes to a task for which that person is paid. (manual laborers, lawyers, doctors, teachers, waiters, etc.)., Physical Capital - Any human-made resource that is used to create other goods and services (tools, tractors, machinery, buildings, factories, etc.), Human Capital - Any skills or knowledge gained by a worker through education and experience (college degrees, vocational training, etc.), Entrepreneurship - Ambitious leaders that combine the other factors of production to create goods and services. Examples-Henry Ford, Bill Gates, Inventors, Store Owners, etc.,

Economics: Factors Of Production!

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