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15 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Needs |
Food, shelter, air, warmth, medical care essential for survival |
Essential for survival |
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Wants |
Non-essentials demanded by us to make life easier, unlimited. |
Keep us happy |
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Relative Scarcity |
Happens because out wants are unlimited. What we use to make our wants are limited. |
Wants are unlimited, resources are |
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Goods |
Objects used to satisfy our needs/wants |
Physical things |
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Services |
Skills/abilities used to satisfy needs/wants |
Abilities |
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Producer |
Business that created or provides our goods/services |
Creators |
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Consumer |
Someone who buys or uses goods and services |
Uses |
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Agricultural Producers |
Produce goods from the land and animal products |
(Lamb, carrot) |
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Industrial Producer |
Made in a factory |
Man - made |
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Service Producer |
Provide skills/ knowledge to their customers |
Provides knowledge |
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Loyal Consumer |
Someone who will only buy from one business. Will always be valuable to the business for sales |
One shop |
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Discount Consumer |
Someone who will buy for the best value of a product. Often find sale items where prices are reduced |
Reduced Prices |
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Impulsive Consumer |
Less calculated decisions on how to spend money. Will buy depending on how they feel |
The more happy the more spending |
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Needs-Based |
Only purchase when something is required or necessary. Will not buy if something is not needed. |
Is something is needed |
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Opportunity Cost |
A producer or consumer misses out on something buy purchasing one item instead of another |
Have something but miss out on the pther |
