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Economic Fundamental

Chapter 3 Section 1

Needs basic things necessary for all humans like air, food, clothing, and shelter
Wants things that would make lives more comfortable or enjoyable
Goods tangible items (things you can touch)
Services work or activities people perform, often for a fee
Consumer a person who satisfies a need or want by buying a good or service
Producer a person or group of people who use resources to make goods or provide services
Factors of Production things needed to produce goods and services, examples; natural resources, capital goods, human capital, and entrepreneurs
Natural Resources something that comes from earth or nature that is useful to humans
Renewable able to replenish itself over time
Nonrenewable unable to replenish itself
Capital Goods tools used in the production of goods and services
Human Resources people who produce goods or services
Specialization when a country focuses on producing goods and services they can make best and trading for what they are unable to produce (2) becoming an expert in one part of a larger business
Entrepreneurship the ability to organize, manage, and take on the risks of a business or enterprise
Profit the amount left after costs are subtracted from price
Income money taken in; the source could be a gift or prize, money earned for performing a task, an allowance, earnings at a job, or earnings from an investment.
Expenses cost related to a business (2) the spending of some income for various needs and wants
Created by: smmhr5
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