Resources
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
Carson Clothing and Fashion Outlet: "25% off all tops, bottoms, dresses, shorts, and swimwear."
What is Good
Human ____________ air, food, water, shelter and clothing.
Needs
Is the quantity of goods or service consumers are willing to buy.
What is Demand
Person whom studies the economy.
Economist
Come from nature.
Things and places used in production.
People produce goods or provide services
What is Natural, Capital, Human
Harris Carpet Cleaning: "Professional technicians will clean your carpet, upholstery, and title."
What is Service
Things we desire basic needs ___________. Wants include good and services.
Wants
Is the quantity of good or service available for sale, and supply affects prices
What is Supply
Is defined by three major things:
-heavy dependent on agriculture
-people often barter
-Economic decisions based on tradition, belief, or habits
Traditional Economy
The value of the annual Louisiana sugarcane crop exceeds $500 million.
What is Natural
Are activities performed for fee.
Services
Human need...
Air, food, water, shelter, and clothing
Amount gamed by the producer after costs are subtracted from selling price.
What is Profit
The thing you DID NOT choose.
Opportunity Costs
A new terminal is being added to the Louis Armstrong International Airport in New Orleans.
What is Capital
Are things you can touch food, clothing, car, and houses
Goods
Have a desire to possess or do; what you wish for
What is Wants
Prices rises, demand ________.
Prices down, demand ________.
Decreases; Increases
The thing you DID choose
Opportunity Benefits
Are needed to produce goods and services.
What is Resources
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
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.
When the supply of an item is _____, price is _____.
What is high; low
Is a process by which organizations can analyze decisions, systems or projects, or determine a value for intangibles.
Cost-benefits analysis