vocabulary Flashcards
(17 cards)
basic requirement for survival
ex. food, shelter, water
NEED
Not a basic requirement for survival
ex. steak, mansion, fancy water
WANT
Its tangiable (touchable) item
ex.phone, biscuit, CD player
GOOD
If something lasts 3 or more years its considered
ex. oven, house, tools
DURABLE
If something last less than 3 years its considered
ex. shirt, food, pencil
NON-DURABLE
Work done by someone else
ex. haircut, food deliver, house work
SERVICE
This is provided by the government through tax, usually free or small fee
ex. roads, schools, parks
PUBLIC GOODS/SERVICES
Provided by business who charge a price in order to make profit
ex. stores and restaurants
PRIVATE GOODS/SERVICES
“Gifts from God”
ex. mineral, forests, cattle
NATURAL (LAND)
Humans who provide a service (work) or produce a good
ex. cashier, teacher, nurse
LABOR
Items used over and over and over to produce a good
ex. computers, buildings, schools
CAPITAL
This is used in the production of goods and services
RESOURCES
Not enough resources to provide all the things people want. Resources are limited
SCARITY
This is whats given up (2nd choice) aka trade off
MONEY,TIME, ITEM
OPPORTUNITY COST
This collect taxes from households, collect taxes from businesses, and use tax revenue to provide public goods & services
GOVERNMENT
This produce private goods & services they sell products to households and the government. They use profits to buy resources
BUSINESSES/PRODUCERS
These people own resources ex. land, labor, financial capital. They sell resources to businesses & government they use their income to purchase goods/services, pay taxes, and save
HOUSEHOLDS/INDIVIDUALS/
CONSUMERS
