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business chapter one

Needs and Wants

QuestionAnswer
What are things that are required in order to live? Needs
What are things that add comfort and pleasure to your life? Wants
Whats are things that you can see and touch? Goods
What are activities that are consumed at the same time they are produced? Services
What means through which goods and services are produced? Economic Resources
What are people producing goods and services? Human Resources
What are raw materials supplied by nature? Natural Resources
What is someone who is a risk taker who uses resources in an entirely new way to create a new product or service? Entrepreneur
What is the products and money used in the production of goods and services? Capital Resources
What means not having enogh resources to satisfy every need? Scarcity
Created by: schreiner
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