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24 Terms
1
wants
Examples: tablets, video games, expensive shoes
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2
needs
Examples: food, water, shelter
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3
3 types of Resources
Natural Resources, Labor, Capital
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4
natural resources
Useful things found in nature, Examples: wood, wind, water
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5
labor
work, Examples: teacher, doctor, construction worker
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6
economics
The study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively. The study of how people seek to satisfy their needs and wants by making choices
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7
goods
Things you buy that you touch, Examples: phone, TV, soda
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8
services
Things you pay for that people do for you, Examples: haircut, education, mail delivery
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9
demand
how much in the way of goods and services people want and are able and willing to buy at a given price
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10
profit
the amount of money that a company makes after all the costs of running the business have been paid
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11
producer
a person who makes goods or provides services
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12
wants
things that people would like to have but can live without, such as TVs
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13
needs
things that people must have in order to survive, such as food
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14
opportunity cost
the things you give up when making a choice between two things
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15
scarcity
when there are not enough goods and services to satisfy the wants and needs of the people.
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16
consumer
someone who used goods or services
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17
production
making and providing goods and services for people to buy
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18
human resources
people with skills that do a job
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19
entrepreneur
a person that owns their own business
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20
employer
a person or organization that hires someone else to do work
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21
employee
a person hired by someone else to do a job
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22
specialization
when people do jobs that they are interested in and do best
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23
division of labor
different jobs needed in production are divided among various workers
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24
capital resources
items such as land, buildings, tools, money, etc. that are used in the production of other goods
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