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15 Cards in this Set
- Front
- Back
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gifts of nature such as land, timber and mineral deposits
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Natural resources
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the process of transforming resources into usable goods and services
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production
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things we must have to survive
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Need
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the amount of goods and services that buyers are willing to purchase at the stated price at a given time
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demand
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the study of how individuals and society choose to use limited resources in an effort to satisfy unlimited wants
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Economics
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people who decide what goods and services to use to satisfy their wants
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Consumer
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The amount of good or service that sellers are able and willing to provide at satisfactory prices to a particular market at a given time
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Supply
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machine or tools used in order to perform a task or service
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Capital resources
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people who do mental or physical work to produce goods and services
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Human resources
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cause of giving up something that will give pleasure or satisfy a need
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opportunity cost
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The term for the need and want for economic resources while the amount of these resources are limited
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Scarcity
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an economic activity that uses goods and services
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Consumption
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an action or process that has been produced
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Service
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a physical object people want or need
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Good
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the extra things we would like to have but could do without
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Want
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