Unit 9 Social Studies

Front

want

Back

desire for a good or a service

Front

need

Back

basic requirement for survival

Front

goods

Back

things we can touch or hold

Front

services

Back

work that is done for us

Front

economics

Back

study of how individuals and nations make choices about ways to use scarce resources to fulfil their needs and wants

Front

resources

Back

things used to make goods or services

Front

natural resources

Back

land and all the materials nature provides

Front

labor

Back

workers and their abilities

Front

capital

Back

factories, tools, and equipment that manufacture goods

Front

entrepreneurs

Back

risk taking individuals who start a new business, introduce a new product, or improve a method of making something