Needs & Wants
A: Things necessary for survival, such as food, clothing, and housing.
Q: What are Needs?
A: An establishment that supplies consumers with goods and services in exchange for payment.
Q: What is a Business?
A: The three categories of economic resources needed to produce goods and services.
Q: What are Natural, Human, and Capital resources?
A: The problem of meeting unlimited wants with limited resources.
Q: What is Scarcity?
A: The process of choosing which wants, among several options, will be satisfied.
Q: What is Economic Decision Making?
A: Things not necessary for survival but add comfort and pleasure to our lives.
Q: What are Wants?
A: Things that can be seen or touched (material items).
Q: What are Goods?
A: Raw materials supplied by nature, such as air, water, and minerals.
Q: What are Natural Resources?
A: Resources are considered "limited" because we do not have this type of supply.
Q: What is an Endless Supply?
A: The first step in the decision-making process.
Q: What is "Define the Problem"?
A: Satisfying one want often leads to this result.
Q: What is needing several other wants?
A: Things that satisfy wants through the efforts of others or equipment.
Q: What are Services?
A: People who work to produce goods and services (also called Labor).
Q: What are Human Resources?
A: This environmental issue damages natural resources like air, water, and land.
Q: What is Pollution?
A: In this step, it is important to consider all alternatives.
Q: What is "Identify Choices"?
A: Because our wants go on and on, they are described as being this.
Q: What is Unlimited?
A: Supplying goods and services is said to be "what this is all about."
Q: What is Business?
A: Tools, equipment, and buildings used to produce goods and services.
Q: What are Capital Resources?
A: A shortage of jobs in certain career areas is a limitation of this specific resource.
Q: What is Human Resources?
A: Writing down choices to compare them happens during this step.
Q: What is "Evaluate Advantages & Disadvantages"?
A: Gaming systems and a new phone are specific examples of this category.
Q: What are Wants?
A: A bicycle is a good, but a bank teller preparing a statement is providing this.
Q: What is a Service?
A: In the business world, "Capital" (without the word resources) specifically refers to this.
Q: What is Money?
A: These are the three groups faced with the problem of scarcity.
Q: Who are You, Businesses, and the Government?
A: The final step: "Was your decision a good one?"
Q: What is "Review Your Decision"?