Definitions Flashcards
1
Q
Needs
A
Necessity to live
2
Q
Wants
A
Have a desire to process or do(something) wish for.
3
Q
Supply
A
Something needed or wanted that is available to someone.
4
Q
Demand
A
Demand is an economic principle referring to a consumer’s desire to purchase goods and services and willingness to pay a price for a specific good or service.
5
Q
Enterprise
A
A project or undertaking, especially a bold or complex one.
6
Q
Entrepreneurship
A
The activity of setting up a business or businesses, taking on financial risks in hope of profit.
7
Q
Scarcity
A
Scarcity is a shortage of resources
