Wants

Desires that can be satisfied by consuming a good or service

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Flashcards	13
Language	English
Category	General Education
Level	Secondary School
Created / Updated	27.08.2015 / 28.08.2015
Weblink	https://card2brain.ch/box/wants
Embed	<iframe src="https://card2brain.ch/box/wants/embed" width="780" height="150" scrolling="no" frameborder="0"></iframe>

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Desires that can be satisfied by consuming good or service

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Wants

Things such as food, clothing, and shelter that are necessary for survival

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Needs

Situation caused by a lack of resources to meet human wants

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Scarcity

The study of how people choose to use scarce resources to satisfy their wants

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Economics

Physical objects that can be purchased such as food, clothing, and furniture

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Goods

Work that one person performs for another payment

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Services

A person who buys goods or services for personal use

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Consumer

Person who makes goods or provides services

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Producer

Economic resources needed to produce goods and services

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Factors of production

Natural resources found on or under the ground that are used to produce goods and services

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Land

All the human time, effort, and the talent that go into making the products

Labor

All the resources made and used by people to produce and distribute goods and services

Capital

Combination of vision,skill, ingenuity, and willingness to take risks that is needed to create and run a new business

Entrepreneurship

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Wants

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