Economics Flashcard

Front

Desires that can be satisfied by consuming a good or service

Back

Wants

Front

Things necessary for survival (Food, Clothing, Housing)

Back

Needs

Front

A situation that exists when there are not enough resources to meet human wants

Back

Scarcity

Front

The study of how people will choose to use their scarce resources in order to satisfy their wants

Back

Economics

Front

Physical objects that can be purchased

Back

Goods

Front

Work which one person performs for payment

Back

Services

Front

A person who buys a good/service for personal use

Back

Consumer

Front

A person who makes a good/service

Back

Producer

Front

How we make things... Includes Land, Labor, Capital, and Entrepreneurship

Back

Factors of Production

Front

Benefits offered to encourage people to act in a certain way

Back

Incentives