Chapter 1 Economic Decisions

Process of choosing which needs and wants will be satisfied

• wants

• needs

• economic decision making

• economic resources

Things available to be used to produce goods and services

• goods

• market price

• demand

• economic resources

Things that are required in order to live

• needs

• wants

• chocolate

• luxuries

Not having enough resources to satisfy every need

• needs

• wants

• Basic Economic Problem (scarcity)

• luxuries

Products created by businesses that you can physically touch and see.

• Wages

• Goods

• Profit

• Services

Work that businesses perform for consumers

• Product

• Want

• Services

• Goods

A product that is desired but can be lived without.

• Goods

• Need

• Profit

• Services

• Want

A product essential to survival.

• Goods

• Need

• Services

• Want

There are ______ factors of production.

• 3

• 4

• 5

• 2

The four factors of production are?

• Capital, Entrepreneurship, Labour and Gasoline

• Capital, Entrepreneurship, Human and Natural

• Money, Buildings, Ideas and Land