terms

Question 1

strategy

Answer 1

a plan for acheiving goals

Question 2

wants

Answer 2

things that we desire but can survive without

Question 3

scarcity

Answer 3

the problem of people having unlimited wants and needs but limited resouces to supoort those needs and wants.

Question 4

employee

Answer 4

a person who works for a business

Question 5

market

Answer 5

the exchange of goods and servies among buyers and sellars

Question 6

export

Answer 6

selling products to overseas countries

Question 7

wage

Answer 7

the money paid to an employer in exchange for their labour.

Question 8

resoures

Answer 8

these are known as factors of productions and are involved with the production of goods and services.

Question 9

consumers

Answer 9

people who buy things to use

Question 10

needs

Answer 10

things that we physically cannot survive without

Question 11

empolyment

Answer 11

having a job that returns an income for the work provided

Question 12

opportunity cost

Answer 12

what we miss out on when making a choice. it is the alternative that we forgot when we have to choose between two options

Question 13

demand

Answer 13

demand is the amount of goods or services that consumers will b uy at a certain price

Question 14

supply

Answer 14

supply is how much a producer would want to supply at a certain price