Economics Chap 1 Review

desires that can be satisfied by consuming a good or a service

• needs

• scarcity

• wants

• economics

Things that are necessary for survival.

• Wants

• Scarcity

• Goods

• Needs

Exists when there are not enough resources to satisfy human wants

• Economics

• Scarcity

• Produce

• Consumer

Objects that can be bought

• Consumer

• Services

• Goods

• Producer

Work that one person does for another

• Producer

• Consumer

• Economics

• Services

A person who buys or uses goods and services

• Shopper

• Consumer

• Producer

• Buyer

A maker of good or a provider of services

• Consumer

• Producer

• Creator

• Economist

What are the resources needed to produce goods and services.

• capital

• Factors of Production

• Land

• Labor

Refers to all natural resources used to produce goods and services

• Labor

• Capital

• Land

all of the human effort used to produce goods and services

• Land

• Factors

• Labor

• Capital