Economics

Front 1

Needs

Back 1

Basic items that are essential for survival.

Front 2

Wants

Back 2

Non essential, unlimited items demanded by people in order to make life easier and happier.

Front 3

Relative scarcity

Back 3

When we run out of wants because our wants are unlimited. Causes damage to the environment.

Front 4

Goods

Back 4

Physical things to satisfy our needs and wants.

Hint 4

Needs and wants

Front 5

Services

Back 5

Activities or skills to satisfy our needs and wants.

Hint 5

Needs and wants

Front 6

Producer

Back 6

An individual or organisation that creates or provides goods and services.

Hint 6

Goods and services

Front 7

Consumer

Back 7

Someone who buys or used goods and services.

Hint 7

Goods and services

Front 8

Agricultural producer

Back 8

Produce food and animal based products that are gown from the land.

Front 9

Industrial producer

Back 9

Manufacture goods in factories.

Front 10

Service producers

Back 10

Provide skills or knowledge to their customers.

Hint 10

Goods and SERVICES

Front 11

Loyal consumer

Back 11

Continue to purchase goods and services from the same business as they account for a large number of sales

Hint 11

Buy goods and services from big businesses.

Front 12

Discount consumers

Back 12

Prefer to buy products that represent the best value for money. Often find sale items that have had their price reduced.

Hint 12

Buy anything that has has its price reduced.

Front 13

Impulsive consumer

Back 13

Known for making less calculated decisions on how to spend their money than most others. Will buy something on how they are feeling that day.

Hint 13

Will buy anything that they want.

Front 14

Needs-based

Back 14

Only purchase products that they really require. Avoid spending money on goods and services that they don’t feel are necessary at the given point in time.

Hint 14

Only buy things that they need.

Front 15

Opportunity cost

Back 15

What a producer or consumer misses out on by purchasing one item instead of another. Usually chooses one item because of the benefits.

Hint 15

I could buy a lollipop but a pencil will have more benefits.

Front 16

Land

Back 16

The natural resources businesses use to produce their goods or services.

Hint 16

Pizza- cow, capsicum

Front 17

Labour

Back 17

The employees and their skills that are needed to produce and sell goods or services.

Hint 17

(Jobs) eg. Farmer, cashier

Front 18

Capital

Back 18

Man made tools and materials the business needs to produce goods or services.

Hint 18

Eg. Pizza cutter, chopping board

Front 19

Enterprise

Back 19

The people who organise and manage the other 3 resources.

Hint 19

Eg. Managers, owners

Front 20

Economics meaning

Back 20

Anything that affects the earning and spending of money or producing or consuming of goods and services.