hass Flashcards
what is a need
a need is a thing that is accentual to human survival.
what is a what
a want is a thing that is not essential to survival and satisfying human wants.
what is a good
a good is a tangible item that adds some kind of benefit to the person that owns it.
what is a service
a service is a job carried out for the benefit of the receiver.
what is opportunity cost?
it is the cost of the second best choice
what are the factors of production(CELL)
Capital, enterprise, labour, land
what is a consumer?
Consumers are people who buy or use goods and services to satisfy their wants and needs.
what is a producer
Producers are people who make or grow goods and provide services.
what is the economic problem
the economic problem is the fact that there are not enough resources to satisfy human wants and needs.
