1-1 Satisfying Needs & Wants Flashcards
1
Q
Need
A
Everyone needs food, water, clean air, clothing, and shelter in order to live.
2
Q
Want
A
The things that add comfort and pleasure to your life
3
Q
Good
A
The products that you can purchase to meet your wants and needs.
4
Q
Service
A
The activities provided for the satisfaction of others that are consumed at the same time they are produced.
5
Q
Economic resources/Factors of production
A
The things available to be used to produce goods and services.
6
Q
What are the 3 types of economic resources/factors of production?
A
Natural, human and capital resources.
7
Q
Natural resource
A
Raw materials supplied by nature.
8
Q
Human resource
A
The people who help produce goods and services.
9
Q
Capital resources
A
The products and money used in the production of goods and services.
