Terms Flashcards
1
Q
Demand
A
Desire and ability of consumers to buy a product
2
Q
Chain of production
A
How businesses from primary, secondary and tertiary sectors work independently to make the product and sell it to the final customer
3
Q
Economic goods
A
Are limited in supply
4
Q
Goods
A
Physical items
5
Q
Free goods
A
Unlimited in supply
6
Q
Wants
A
Goods not required for human survival, which are desired
7
Q
Needs
A
Necessary for human survival
8
Q
Capital
A
Resources required to start a business, create a product or service
9
Q
Economic agents
A
Households, firms and govts. that operate in the economy.
