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HaSSCards

QuestionAnswer
Needs Essential to function in your society.
Wants Things that we would like to have, but don't HAVE to have.
Goods A physical object.
Services You pay for somebody's skills, knowledge and/or time.
Economic Problem Humans have unlimited wants, but limited resources to fulfil those wants.
Land (natural) Things we can grow and/or collect from nature.
Labour (workers) Workers with an enough quantity and skills.
Capital (manufactured) Manufactured products.
Entrepreneurship (management) Ensure the other 3 happen.
Scarcity Means that there is not enough of something to meet the demand for it.
Making Choices This means we cannot satisfy all our needs and wants.
Exports Goods and Services that are produced in one country and sold to another country.
Import Goods a d services that are bought by one country from another.
Primary Product Those are raw materials (or natural resources) that we gather from natural sources.
Secondary or Manufactured Product An item that is manufactured or made by using natural resources.
Spacial Impact How large was the area impacted.
Temporal Impact For how long did it last.
Created by: knmangalath
 

 



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