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11 Cards in this Set
- Front
- Back
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What are needs
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Things that are necessary for survival.
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What are wants?
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Things not necessary for life, but that add comfort and pleasure to your life.
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What are goods?
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Things you can see and touch.
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What are services?
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A business or group that does things for you rather than making products.
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What are economic resources?
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The means through which goods and services are produced. Also called factors of production.
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What are natural resources?
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Raw materials coming from the earth, like air and water.
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What are human resources?
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People who work to produce goods and services.
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What are capital resources?
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The tools, equipment, and buildings that are used to produce goods and services.
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What is capital?
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Capital includes money that is needed to run a business.
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What is the basic econimic problem?
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The problem which faces individuals, businesses and government of satisfying unlimited wants with limited resources.
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What is econimic decision making?
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The process of choosing which wants, among several wants, will be satisfied.
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