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Study terms for Ch1 of Mr. Schoolman's Business & Economy

Things that are required in order to live Needs
Raw materials supplied by nature Natural Resources
Not having enough resources to satisfy every need or want Scarcity
Things that are intangible and have to physical characteristics Services
Those who buy and use goods and services Consumers
Things that add comfort and pleasure to your life Wants
people producing goods and services Human Resources
Things that you can see and touch Goods
When you give up something to have something else Trade-off
Those who determine which products and services will be available Producers
Created by: 1341953596

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