BMT
Terms
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- What are needs
- Things that are necessary for survival.
- What are wants?
- Things not necessary for life, but that add comfort and pleasure to your life.
- What are goods?
- Things you can see and touch.
- What are services?
- A business or group that does things for you rather than making products.
- What are economic resources?
- The means through which goods and services are produced. Also called factors of production.
- What are natural resources?
- Raw materials coming from the earth, like air and water.
- What are human resources?
- People who work to produce goods and services.
- What are capital resources?
- The tools, equipment, and buildings that are used to produce goods and services.
- What is capital?
- Capital includes money that is needed to run a business.
- What is the basic econimic problem?
- The problem which faces individuals, businesses and government of satisfying unlimited wants with limited resources.
- What is econimic decision making?
- The process of choosing which wants, among several wants, will be satisfied.