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15 Cards in this Set

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