Economics 1

Essential for survival 

• wants
• needs
• goods
• services 

Something you desire, but is NOT necessary for survival.

• Needs 
• Wants 
• goods 
• Services 

Actions or activities one performs for another 

• Needs 
• Wants 
• Services 
• Goods 

Physical objects someone produces 
Examples: clothes, food, video games 

• Needs 
• Wants 
• Goods 
• Services 

Limited amounts of goods and services available to meet unlimited wants 

• Scarcity 
• Economics 
• Shortages 
• Entrepreneurs 

Study of how people seeks to satisfy their needs and wants by making choices 

• Scarcity
• Economics 
• Shortages 
• Entrepreneurs 

Resources that are used to make all goods and services 

• Factors of Production
• Land 
• Labor 
• Capital 

People who decide how to combine resources used to make all goods and services 

• Scarcity 
• Economics 
• Shortages 
• Entrepreneurs 

The effort people devote to the tasks for which they are paid 

• Factors of Production
• Land 
• Labor
• Capital 

Any human-made resource that is used to produce other goods and services 

• Factors of Production
• Land 
• Labor 
• Capital