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