Basic Economic Concepts - Year 8

Front

Things that you buy that you can see and touch.

Back

Goods

Front

Where people do things for you, or let you use something.

Back

Services

Front

Things that are necessary for survival.

Back

Needs

Front

Things we would like to have, but that are not necessary.

Back

Wants

Front

The situation where we have limited resources but unlimited wants.

Back

The economic problem

Front

The resources that are used to produce goods and services. Sometimes called Factors of Production.

Back

Economic resources

Front

The efforts made by people to produce goods and services. Includes labour and enterprise.

Back

Human Resources

Front

Resources that come from the environment, including land, water, air, solar energy, soil, and minerals.

Back

Natural resources

Front

Goods and services that have been produced to produce other goods and services, like tools and buildings.

Back

Capital resources

Front

Where money is borrowed and lent, including banks, credit unions, private loans, and government bonds.

Back

Finance sector