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12 Cards in this Set
- Front
- Back
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Wants |
*Are desires that can be satisfied by consuming a good or a service.* |
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Needs |
*Are things that are necessary for survival* |
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Scarcity |
*exists when there are not enough resources to satisfy human wants* |
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Good |
*Are objects, such as food,clothes,and furniture, that can be bought* |
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Services |
*Are work that one person does for another* |
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Consumer |
*Is a person who buys or uses good or servives* |
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Producer |
*Is a maker of good or a provider of services* |
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Factors of Production |
*Are the resources needed to produce goods and servives* |
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Land |
*Refers to all resoures used to produce good are service* |
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Labor |
*Is all of the human effort used to produce goods and servives * |
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Capital |
*Is all of the resources made and used by people to produce good and services* |
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Entrepreneurship |
*Involves the vision,skills,and risk-taking needed to create and run businesses* |
