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