Basic Economic Concepts

Front

Needs

Back

Things a person must have to live, such as food, water, and shelter.

Front

Wants

Back

Things that are desired but not essential for survival, such as luxury items or entertainment.

Front

Producer

Back

An individual who grows or makes things to sell

Front

Consumer

Back

someone who buys and uses goods or services

Front

Scarcity

Back

The economic problem of not having enough of a product for all people who want to buy it.

Front

volunteer

Back

a person who works without pay to help other people

Front

services

Back

Work that people do for someone else

example:cut hair, waiter, etc.

Front

manufactured

Back

goods that can be made or built

example:cars, boats,etc.

Front

distributor

Back

a person or company that supplies stores with goods.

Front

processor

Back

the person or company that prepares or makes a product

ex: fresh fruit can be made into jam