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11 Cards in this Set

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