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19 Cards in this Set
- Front
- Back
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needs
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things that are vital for survival
ex. water, food, shelter, clothes |
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wants
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things that you don't need to survive, but you would like to have
ex. ipod touch, x-box education |
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economics
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the study of how a country, state, town, etc. makes money and spends money
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goods
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items that are produced or grown to be sold
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services
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things that people do for others where they usually get paid
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supply
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the amount of goods that are available
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demand
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how much the good/service is wanted. (can be high or low)
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scarcity
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when there is not a lot of a good or service
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profit
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the amount of money that is made off of a good/service after making it
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producers
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the people that makes the good or service
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consumers
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the people who buy the good/service
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manufacturing
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creating a product
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natural resource
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something found on or in the earth that is useful to people
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capital resource
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money or other major equipment needed to manufacture something.(ex.money as a factory, the new materials,etc.)
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human resource
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the work or talents of the people creating the product
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imports
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goods that are brought into another country and paid for
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exports
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goods that are sent and sold to another country
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unemployment rate
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percent of people who want to get a job, who are capable of getting a job
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per capita income (per person)
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the average amount of money a typical worker makes in a year
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