Term
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Definition
| An establishment or enterprise that supplies consumers with goods and services in exchange for payment in some form |
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Definition
| The things that are essential for survival |
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Definition
| Things that are not necessary for survival but add comfort and pleasure to our lives |
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Term
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Definition
| Satisfying one want that leads to needing several other wants |
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Term
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Definition
| Things that can be seen or touched |
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Term
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Definition
| Things that satisfy our wants through the efforts of others or equipment |
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Term
| Economic resources or factors of production |
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Definition
| The means through which goods and services are produced |
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Term
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Definition
| Raw materials that come directly from nature |
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Term
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Definition
| People who work to produce goods and services |
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Term
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Definition
| Tools, equipment, an buildings that are needed to produce a good or service |
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Term
| Basic economic problem or scarcity |
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Definition
| Meeting unlimited wants with limited resources |
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Term
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Definition
| The process of choosing which wants, among several wants being considered, will be satisfied |
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Term
| 6 step decision making process |
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Definition
1) define the problem
2) identity the choices
3)evaluate the advantages and disadvantages
4)choose
5)act on your choice
6)review your decision |
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