Business and Economics Flashcards
Test
What are needs and wants?
Needs are things that are essential for a person’s survival.
Wants are things that make our lives more enjoyable but are not necessary for our survival.
What are some examples of needs and wants?
Needs: Food, Clean water, and clothing.
Wants: Video games, Movie tickets, and Electronic gadgets.
List three needs you have and explain why they are essential for your life.
Need 1: Air
Explanation: Air is essential to oxygenate my body
Need 2: Food
Explanation: Food is essential because it provides energy and nutrients that the body requires to function properly.
Need 3: Water
Explanation: Water is essential because it hydrates the body and regulates body temperature.
List three wants you have and explain why each is enjoyable but not essential.
Want 1: Youtube
Explanation: It helps me relax after a hard day but, I can do deep breathing instead meaning that it is not essential for survival.
Want 2: Dance
Explanation: Dance is enjoyable because i get to move my body and be with my friends but, there I can go for a walk therefore, it is not essential.
Want 3: A laptop
Explanation: My laptop lets me play games and watch Youtube resulting in my oxytocin hormone being released but that being said, my laptop is not essential because there are plenty of other ways that I can have fun.
How do you make sure that you have your needs met before spending money on your wants ?
By identify what my needs so that I can determine how much money I have available to spend on my wants.
Why is it important to balance out you need and wants?
It is important to balance your needs and wants so that you don’t waste money on non-important items.
Can you give an example of a time when you had to choose between a need and want? What did you decide and why?
I had to decide between buying buying a birthday gift or getting myself a dance snack. I chose the dance snack because it is more important for me to have energy to dance.
What are goods and services?
Goods are things that we can touch and use. They are physical items that are made and sold.
Services are actions or activities that one person or a company does for another person. Unlike goods, you can’t touch a service, but you can experience it.
Why are goods and services important?
Goods are important because they fulfil our needs and wants. We use them in our daily lives whether it’s eating a meal, playing with a toy, or wearing clothes.
Services are important because they help us with tasks and activities we might not be able to do ourselves or that we need help with. They can make our lives easier and improve your well-being.
What is the Economy?
The economy is the way people use resources to make and buy things. It involves how we produce goods and services and how we distribute them.
What is supply and demand?
Supply is about how much of a product or service producers are willing to make and sell.
Demand is about how much people want to buy a product or service and how much they are willing to pay for it.
What are producers and consumers?
Producers are people or businesses that make goods or sell services.
Consumers are the people who buy and use goods and services.
What is an economy’s goal?
The goal in economy is to balance supply and demand so that everyone can get the goods or services they need or want at a fair price.
What is a resource?
A resource is considered to be any raw material, workforce, or man-made constructed object that contributes to the production and sale of goods and services.
What are Natural, Human, and Capital resources?
Natural resources are things found in nature and exist without human involvement. They are usually raw materials like crops, trees, rocks, minerals, soil, sunlight, air, and water.
Human resources are the workforce. Human resouces are people who create, produce, sell, think about, distribute, and provide goods and services.
Capital resources are humanly-constructed objects that are needed to produce goods and services.
What is an Industry?
An Industry is a group of companies,manufactures, or businesses that produce a particular kind of good, or provide a particular kind of service, for the consumer.
Why is an Industry important?
Industries are important because they provide a good or service which helps meet people’s needs and wants, Industries also create stability meaning tah people can live a comfortable life, and they provide work so that money can be made which ensures families have a good financial position.
What are the different types of Industries?
Primary, Secondary, Tertiary, and Quaternary
What is the Primary Industry and what does it do?
The Primary Industry is any company that extracts or harvests raw materials for the Secondary Industry to convert into goods and Tertiary Industry to convert into services.
What are some examples of Primary Industries?
Meat, forestry, mining, wool, fisheries, and crops.
What is the Secondary Industry and what does it do?
The Secondary Industry is the manufacturing Industry. This is where raw materials collected by the Primary Industry are made into saleable products.
What are some examples of Secondary Industries?
Construction, heavy industry, food, fashion, fast moving consumer goods, and manufacturing.
What is the Tertiary Industry?
The Tertiary Industry is another name for the service Industry.
What are some examples of Tertiary Industries?
Education, medical, supermarkets, hotels, restaurants and transport.
What is the Quaternary Industry?
The Quaternary Industry is an intellectual Industry. It relates to businesses that provide services like consulting, IT and research.
