Resources
Goods and Services
Needs and Wants
Supply and Demand
Economic System; Cost vs. Benefits

100

A cameraman records the action of the new episode in the Duck Dynasty television series being filmed on location in West Monroe. 

What is Human 

100

Carson Clothing and Fashion Outlet: "25% off all tops, bottoms, dresses, shorts, and swimwear."

What is Good

100

Human ____________ air, food, water, shelter and clothing. 

Needs

100

Is the quantity of goods or service consumers are willing to buy.

What is Demand

100

Person whom studies the economy. 

Economist

200

Come from nature. 

Things and places used in production. 

People produce goods or provide services

What is Natural, Capital, Human

200

Harris Carpet Cleaning: "Professional technicians will clean your carpet, upholstery, and title."

What is Service

200

Things we desire basic needs ___________. Wants include good and services. 

Wants

200

Is the quantity of good or service available for sale, and supply affects prices

What is Supply

200

Is defined by three major things: 

-heavy dependent on agriculture 

-people often barter 

-Economic decisions based on tradition, belief, or habits

Traditional Economy

300

The value of the annual Louisiana sugarcane crop exceeds $500 million. 

What is Natural

300

Are activities performed for fee. 

Services

300

Human need... 

Air, food, water, shelter, and clothing

300

Amount gamed by the producer after costs are subtracted from selling price. 

What is Profit

300

The thing you DID NOT choose. 

Opportunity Costs

400

A new terminal is being added to the Louis Armstrong International Airport in New Orleans. 

What is Capital 

400

Are things you can touch food, clothing, car, and houses

Goods

400

Have a desire to possess or do; what you wish for

What is Wants

400

Prices rises, demand ________. 

Prices down, demand ________. 

Decreases; Increases

400

The thing you DID choose

Opportunity Benefits 

500

Are needed to produce goods and services. 

What is Resources

500

Person or group who uses resources to make goods or provide services. 

A person who satisfies a want or need by buying a good or service. 

What is Producer and Consumer 

500

What is the difference between needs and wants?

Needs are something that you must have, in order to live. On the contrary, wants are something that you wish to have, so as to add comforts in your life.

500

When the supply of an item is _____, price is _____. 

What is high; low

500

Is a process by which organizations can analyze decisions, systems or projects, or determine a value for intangibles.

Cost-benefits analysis