Economics Exam

Front

Term for: Something people must have to survive, like air, food, and shelter.

Back

Need

Front

Term for: Something people would like to have but are not needed to survive?

Back

Want

Front

Limited amounts of resources to meet unlimited desires

Back

Scarcity

Front

Objects like cars and clothes

Back

Goods

Front

Actions people do for others

Back

Services

Front

Term for: Occurs when a good or service is unavailable?

Back

Shortage

Front

Resources used to make goods and services

Back

Factors of production

Front

Includes natural resources like coal, water, and forests

Back

Land

Front

Work in which people receive pay?

Back

Labor

Front

Human made resource used to produce goods and services

Back

Capital