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10 Cards in this Set
- Front
- Back
Needs
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Things that are necessary for survival
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Wants
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Things not necessary for survival but which add pleasure and comfort to our lives
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Goods
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Things that you can see and touch
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Services
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Things that satisfy our wants through the efforts of other people or equipment
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Factors of Production
or Resources |
The means through which goods and services are produced
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Natural Resources
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Raw materials supplied by nature
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Human Resources
or Labor |
People who work to produce goods and services
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Capital Resources
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The tools, equipment and buildings that are used to produce goods and services
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The Basic Economic Problem
or Scarcity |
The conflict between unlimited wants and limited resources
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The six step decision-making process
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1. Define problem
2. Identify choices 3. Evaluate choices 4. Choose one of the choices 5. Act on your choice 6 Review your decision |