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chapter 1
Term | Definition |
---|---|
Needs | Things that are required in order to live are known as needs. |
Goods | Goods are things that you can touch. |
Services | Are activities that are consumed at the same time they are produced. |
Economic resources | Are the means through which goods and services are produced |
Wants | Things that add comfort and pleasure to your life are wants |
Natural resources | Raw materials supplied by nature are natural resources |
Human resources | People who produce goods and services are known as Human resources |
Entrepreneur | is the risk taker who uses resources in an entirely new way to create a new product or service |
Capital resources | The products and money used in the production of goods and services are capital resources |
Scarcity | Means not having enough resources to satisfy every need |
Economic decision making | Is the process of choosing which wants among several options will be satisfied. |
trade-off |