Economics Review

Basic requirement for survival

• Need

• Want

• Good

• Service

"Today I am going to eat pizza, Domino´s pizza has a sale"

• Need

• Want

• Good

• Service

Tangible commodity

• Good

• Service

• Consumer

• Need

Use good and services to satisfy wants and needs

• Sellers

• Consumers

• People in general

• Consumption

Something that has a worth that can be expresed in dollars and cents.

• Price

• Good

• Value

• Utility

The capacity to be useful for someone

• Price

• Good

• Value

• Utility

the sum of the economic products that are tangible, scarce, useful, and transferable from one person to another.

• Price

• Wealth

• Value

• Utility

Which are the factors of production

Give an example for each factor of production, imagine that the service is called "Coca-Cola soda"

________________ means that productive inputs do whatever task they are able to do best.