Labor & Scarcity (Math TEKs 3.9A & 3.9B)

Front

What is labor?

Back

Labor refers to the work done by people to produce goods and services.

Front

What is scarcity?

Back

Scarcity is the condition where there are limited resources to meet unlimited wants.

Front

How does supply affect price?

Back

When supply increases, prices tend to decrease; when supply decreases, prices tend to increase.

Front

What is income?

Back

Income is the money earned from work or investments.

Front

What is a market?

Back

A market is a place where buyers and sellers come together to exchange goods and services.

Front

What happens when demand exceeds supply?

Back

When demand exceeds supply, prices usually increase.

Front

What is a good?

Back

A good is a physical item that can be bought or sold.

Front

What is a service?

Back

A service is an action or activity that one person performs for another.

Front

What is the role of a consumer?

Back

A consumer is someone who buys and uses goods and services.

Front

What is the role of a producer?

Back

A producer is someone who creates or provides goods and services.