Show:
Supply vs Demand
Needs vs Wants
Production vs Consumption
Goods vs Services
Resources
100
how much of something you have
Supply
100
Physical need
things that are needed for life
100
Production
making of a good
100
good
product
100
entrepruner
person who combines resources
200
how much people want a good
demand
200
Collective need
nessecary for a group
200
Producer
maker and seller of goods
200
service
job being done to create good
200
natural
found in environment
300
price
how much money something costs
300
psychological wants
unnessecary for life but wanted for comfort
300
consumption
using
300
people made
made by man
400
currency
a medium used for trade
400
consumer
user or buyer
400
economic decision making
using pros and cons to choose between 2 or more things
400
human resources
physical and mental effort
500
revenue
money earned
500
specialization
concentrating on limited goods
500
alternative cost
bad things about a product
500
scarcity
having a limited quantity