Chapter 3 Section 1
Help!
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| Needs | basic things necessary for all humans like air, food, clothing, and shelter
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| Wants | things that would make lives more comfortable or enjoyable
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| Goods | tangible items (things you can touch)
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| Services | work or activities people perform, often for a fee
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| Consumer | a person who satisfies a need or want by buying a good or service
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| Producer | a person or group of people who use resources to make goods or provide services
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| Factors of Production | things needed to produce goods and services, examples; natural resources, capital goods, human capital, and entrepreneurs
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| Natural Resources | something that comes from earth or nature that is useful to humans
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| Renewable | able to replenish itself over time
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| Nonrenewable | unable to replenish itself
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| Capital Goods | tools used in the production of goods and services
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| Human Resources | people who produce goods or services
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| 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
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| Entrepreneurship | the ability to organize, manage, and take on the risks of a business or enterprise
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| Profit | the amount left after costs are subtracted from price
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| 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.
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| Expenses | cost related to a business (2) the spending of some income for various needs and wants
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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