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10 Cards in this Set

  • Front
  • Back
Needs
Things that are necessary for survival
Wants
Things not necessary for survival but which add pleasure and comfort to our lives
Goods
Things that you can see and touch
Services
Things that satisfy our wants through the efforts of other people or equipment
Factors of Production
or
Resources
The means through which goods and services are produced
Natural Resources
Raw materials supplied by nature
Human Resources
or
Labor
People who work to produce goods and services
Capital Resources
The tools, equipment and buildings that are used to produce goods and services
The Basic Economic Problem
or
Scarcity
The conflict between unlimited wants and limited resources
The six step decision-making process
1. Define problem
2. Identify choices
3. Evaluate choices
4. Choose one of the choices
5. Act on your choice
6 Review your decision