Chapter 3 Economic Concepts That Stand the Test of Time

Not having an endless supply of something

• Unlimited

• Limited

Things people must have to live

• Wants

• Desires

• Ambitions

• Needs

Not restricted; without an end

• Limited

• Unlimited

Things people would like to have, but can live without

• Wants

• Needs

• Necessities

• Oxygen

People who purchase or use goods or services

• Producers

• Entertainers

• Teachers

• Consumers

Objects people make to earn money

• Services

• Goods

People or businesses that use resources to make goods or services

• Entrepreneurs

• Consumers

• Producers

• Capital goods

Actions people do to earn money

• Goods

• Consumers

• Capital Goods

• Services

A person who starts a new business. He or she organizes all the different resources to produce goods or services.

• Consumer

• Producer

• Entrepreneur

• Human Resources

Goods and services are made using material from NATURE

• Human Resources

• Capital Goods

• Natural Resources

• Consumer Goods