Economics

Something essential for survival such as food or medical care

• items

• services

• wants

• need

something we desire but that is not necessary for survival, such as video games or stylish haicuts

• wants

• essentials
• necessities
• fundamentals

physical objects that someone produces such as food, clothing, or video games

• services
• goods
• merchandise
• products

actions and activities that one person performs for one another such as medical care and haircuts

• wants

• Community activities
• Household chores
• services

that fact that limited amounts of goods and services are available to meet unlimited wants

• Overproduction
• Surplus
• Abundance
• Scarcity

the study of how people seek to satisfy their needs and wants by making choices

• Psychology
• Sociology
• Economics
• Anthropology

when consumers want more of a good or service than producers are willing to make available at a particular price. May be temporary or long term

• Surplus
• Shortage
• Equilibrium
• Demand

people who decide how to combine resources to create new goods and services. anyone who opens a business

• Investors
• Retailers
• Entrepreneurs
• Manufacturers

the resources used to make all goods and services

• Natural resources
• Consumer goods
• Manufacturing processes
• Factors of production

all natural resources used to produce goods and services

• Renewable energy
• Manufactured goods
• Labor

• Land