Business Essentials 2.02

The using up of a resource

• scarcity
• supply
• services
• consumption

How much people want something

• supply
• demand

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

What do we call all of the resources required to make a product (good or service)?

• economics

• consumption

• four factors of production

• scarcity

Something we pay for that we can touch

• goods
• services

People who work to make goods or provide services

• human resources
• capital resources
• natural resources
• entrepreneurs

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

The amount of money we pay for a good or service

• currency
• price
• inflation
• economics

Something we pay to use for a certain amount of time

• services

• goods

things purchased by consumers

• goods

• consumer

• producer

• supply