Chapter 1, Sec 1 Econ Vocab

What is a want?

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

• are things that are necessary for survival.

• involves the vision, skills, and risk-taking needed to create and run businesses.

• is all of the resources made and used by people to produce goods and services.

What are Needs

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

• are things that are necessary for survival.

• involves the vision, skills, and risk-taking needed to create and run businesses.

• is all of the resources made and used by people to produce goods and services.

What is Capital

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

• are things that are necessary for survival.

• involves the vision, skills, and risk-taking needed to create and run businesses.

• is all of the resources made and used by people to produce goods and services.

What is Entrepreneurship

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

• are things that are necessary for survival.

• involves the vision, skills, and risk-taking needed to create and run businesses.

• is all of the resources made and used by people to produce goods and services.

What is Scarcity

• exists when there are not enough resources to satisfy human wants.

• is the study of how individuals and societies satisfy their unlimited wants with limited resources.

• are objects, such as food, clothing, and furniture, that can be bought.

• are work that one person does for another.

What is Economics

• exists when there are not enough resources to satisfy human wants.

• is the study of how individuals and societies satisfy their unlimited wants with limited resources.

• are objects, such as food, clothing, and furniture, that can be bought.

• are work that one person does for another.

What are Goods

• exists when there are not enough resources to satisfy human wants.

• is the study of how individuals and societies satisfy their unlimited wants with limited resources.

• are objects, such as food, clothing, and furniture, that can be bought.

• are work that one person does for another.

What are Services

• exists when there are not enough resources to satisfy human wants.

• is the study of how individuals and societies satisfy their unlimited wants with limited resources.

• are objects, such as food, clothing, and furniture, that can be bought.

• are work that one person does for another.

What is a Consumer?

• a person who buys or uses goods or services.

• a maker of goods or a provider of services.

• are the resources needed to produce goods and services.

• all natural resources used to produce goods and services.

What is a Producer?

• a person who buys or uses goods or services.

• a maker of goods or a provider of services.

• are the resources needed to produce goods and services.

• all natural resources used to produce goods and services.