money matters Flashcards
what is a want?
something not necessary for survival and is desired
what is a need?
something necessary for survival
what wants and needs change over time?
age
family
living costs
climate
characteristics of a want
are progressive
are competitive
differ in intensity
examples of wants and needs in the business sector
needs: agriculture medicine
want: electronics hospitality
what are demands
demands are created from wants and needs an example is cruisers, or 5 star hotels
what is a good
a good is a product made for consumption
what is a service
a service is a act done for someone else
what is a economy
the economy is a science and consists of production, consumption, and transfer of wealth
type of economies
free market
central economy
mixed economy
scarcity meaning
limited amount of resource unable to satisfy the needs or wants of a whole society
what is a choice
a decision made by a individual or society to buy a scarcity
why is fair trade necessary
because it provides a safe route for poor countries to trade without being exploited
three basic economic questions
what to produce
how to produce
for whom to produce
causes of globalization list 6
- multinational corporations
-trade
-politics
-needs
-nation relations
-transport
