1-1 vocabulary jw Word Scramble
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| Question | Answer |
| 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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