Wants
Desires that can be satisfied by consuming a good or service
Desires that can be satisfied by consuming a good or service
Set of flashcards Details
| Flashcards | 13 |
|---|---|
| Language | English |
| Category | General Education |
| Level | Secondary School |
| Created / Updated | 27.08.2015 / 28.08.2015 |
| Weblink |
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Desires that can be satisfied by consuming good or service
Wants
Things such as food, clothing, and shelter that are necessary for survival
Needs
Situation caused by a lack of resources to meet human wants
Scarcity
The study of how people choose to use scarce resources to satisfy their wants
Economics
Physical objects that can be purchased such as food, clothing, and furniture
Goods
Work that one person performs for another payment
Services
A person who buys goods or services for personal use
Consumer
Person who makes goods or provides services
Producer
Economic resources needed to produce goods and services
Factors of production
Natural resources found on or under the ground that are used to produce goods and services
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
