Review Economics Lesson 1

How do we define 'goods' in economics?

What are 'Services' in economics?

What is meant by 'resources' in economics?

What is meant by 'production' in economics?

Give 5 examples of goods:

Give 5 examples of services:

By_________ we mean physical, tangible objects used to satisfy people's wants and needs

The term goods should be contrasted with the term ______________ which is the intangible satisfaction of people's wants and needs.

_______offer intangible satisfaction of wants and needs.

_______are goods and services which are used to produce other goods and services.