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1-1 vocabulary jw

QuestionAnswer
desires tht can be satisfied by consuming a good or a service. Wants
Things that are necessary for survival Needs
Exists when there is not enough resources to satisfy human wants Scarcity
the study of how individuals and societies satisfy their unlimited wants with limited resources. Economics
Objects such as food, clothing, and furniture, that can be bought. Goods
Work that one person does for another. Services
A person who buys or uses goods or services Consumer
A maker of goods or a provider of services. Producer
The resources needed to produce goods and services Factors of production
Refers to all natural resources used to produce goods and services Land
All of the human effort used to produce goods and services Labor
All of the resources made and used by people to produce goods and services. Capital
Involves vision, skills, and risk-taking needed to create and run businesses. Entrepreneurship
What are the three economic questions that must be answered by all nations? 1. What will be produced? 2. How will it be produced? 3. For whom will it be produced?
Created by: joannw15
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