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Related Flashcards
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Cards In This Set
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What is a need?
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Something taht is required in order to live.
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What are examples of needs?
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Food, air, cloths , shelter
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What is a want?
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Something that adds comfort and pleasure to your life.
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What are goods?
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Things taht you can see and touch (products)
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What are examples of goods?
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Cell phones, iPod, candy, jewlery..
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What is a service?
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An activity that is consumed at the same time that it is produced.
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What are examples of services?
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Plumber, carpet cleaning, hair styling, lawn care...
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What country is the largest producer of goods and services?
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The U.S.
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What are economic resources?
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The means through which goods and services are produced.
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What are economic resourses called?
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Factors of production
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Waht are natural resources?
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Raw materials supplied by nature
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What are human resources?
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Teh people producing goods and services
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What are capital resources?
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Products and money used in production of goods and services.
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What is an entrepreneur?
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Somone who uses resources to create a new product.
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Is the supply of resources unlimited?
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No, our resources are limited
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