Economics

What does the word Economics mean?

• the science of how people use resources to satisfy wants and needs

• resources that are found in nature to make a product

• a plan for spending and saving income

• talents, training, and skills of people which are used in producing goods and services

What does the word natural resources mean?

• the science of how people use resources to satisfy wants and needs

• resources that are found in nature to make a product

• a plan for spending and saving income

• humans needed to help make a product or help provide a service

What does the word labor mean?

• the science of how people use resources to satisfy wants and needs

• resources that are found in nature to make a product

• a plan for spending and saving income

• talents, training, and skills of people which are used in producing goods and services

What does the word human resources mean?

• the science of how people use resources to satisfy wants and needs

• resources that are found in nature to make a product

• a plan for spending and saving income

• humans needed to help make a product or help provide a service

What does the word entrepreneur mean?

• a person who makes goods and services available to satisfy other wants/needs

• economic activities that satisfy consumers' wants and needs

• a person who comes up with an original idea for a new item that will make money

• goods and services that a person does not have to have in order to survive

What does the word budget mean?

• money earned from selling goods

• the science of how people use resources to satisfy wants and needs

• talents, training, and skills of people which are used in producing goods and services

• a plan for spending and saving income

What are wants?

• goods and services a person must have in order to survive

• resources that are found in naturee

• goods and services that a person does not have to have in order to survive

• resources such as tools and equipment that must be bought to produce goods

What is a service?

• economic activities that satisfy a person's wants or needs

• a person who makes goods and services available to satisfy other wants/needs

• resources such as tools and equipment that must be bought to help produce goods

• humans needed to help make a product or provide a service

What is a producer?

• economic activities that satisfy a person's wants or needs

• a person who makes goods and services available to satisfy other wants/needs

• resources such as tools and equipment that must be bought to help produce goods

• humans needed to help make a product or provide a service

What are capital resources?

• economic activities that satisfy a person's wants or needs

• a person who makes goods and services available to satisfy other wants/needs

• resources such as tools and equipment that must be bought to help produce goods

• humans needed to help make a product or provide a service