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Economic Fundamental
Chapter 3 Section 1
| Term | Definition |
|---|---|
| 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 |
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