Vocabulary
Definition of scarcity...
Scarcity is when you have little to no materials.
What is the difference between goods and services?
Goods are physically given to you, while services are works done on/to you.
What is an example of business management?
Selling items and keeping track of sales and prices.
Productive resources definition...
Productive resources are the resources needed to provide goods and services.
What are incentives?
Incentives are deals that some businesses have to make people want to buy their products.
What is an example of a need?
Water, shelter, food are all examples of needs.
Service definition...
An action or work that someone provides to help someone else.
What is demand?
Demand is how much people want of a good or service.
What are the 3 types of resources?
Human, Natural, and Capital resources.
Economics is the study of...
Economics is the study of how people make money by selling goods and services.
What is an example of a service?
Doctor, dentist, taxi drivers, teachers, and other jobs like that are acceptable answers.
What is an example of scarcity?
A land with little to no water, a shortage of food, or in 2020 when people bought all the toilet paper are some examples.