Lesson 7 Economics

Front

basic requirement for a good or service

Back

want

Front

basic requirement for survival

Back

need

Front

things we can touch or hold

Back

goods

Front

work that is done for us

Back

services

Front

study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants

Back

economics

Front

things used to make goods and services

Back

resources

Front

land and all the materials nature provides.

Back

natural resources

Front

workers and their abilities

Back

labor

Front

factories, tools, and equipment that manufacture goods

Back

capital

Front

risk-taking individuals who start a new business, introduce a new product, or improve a method of making something.

Back

entrepreneurs