Economics Review

Something essential for survival, such as food and medical care

• Needs

• Wants

• Goods

• Services

Something that we desire but that is not necessary for survival, such as video games or stylish haircuts

• Wants

• Needs

• Goods

• Services

Physical objects that someone produces, such as food or clothing

• Goods

• Needs

• Wants

• Services

Actions or activities that one person performs to another, such as medical care or haircuts

• Services

• Wants

• Needs

• Goods

People who decide how to combine resources to create new goods and services

• Entrepreneurs

• Goods

• Services

• Labor

An economic concept to understand that there is never enough of anything to satisfy everyone

• Scarcity

• Demand

• Supply

• Opportunity cost

Term to refer to all natural resources used to produce goods and services

• Land

• Labor

• Capital

The effort people devote to tasks for which they are paid

• Land

• Labor

• Capital

Refers to any human-made resources that is used to produce other goods and services

• Land

• Labor

• Capital

Click on all three factors of productions used to make goods and services

• Land

• Labor

• Capital

• Money