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business 1 economic decisions
business
13
Education
9th Grade
01/24/2014

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Term
Business
Definition
An establishment or enterprise that supplies consumers with goods and services in exchange for payment in some form
Term
Needs
Definition
The things that are essential for survival
Term
Wants
Definition
Things that are not necessary for survival but add comfort and pleasure to our lives
Term
Unlimited wants
Definition
Satisfying one want that leads to needing several other wants
Term
Good
Definition
Things that can be seen or touched
Term
Services
Definition
Things that satisfy our wants through the efforts of others or equipment
Term
Economic resources or factors of production
Definition
The means through which goods and services are produced
Term
Natural resources
Definition
Raw materials that come directly from nature
Term
Human resources or labor
Definition
People who work to produce goods and services
Term
Capital resources
Definition
Tools, equipment, an buildings that are needed to produce a good or service
Term
Basic economic problem or scarcity
Definition
Meeting unlimited wants with limited resources
Term
Economic decision making
Definition
The process of choosing which wants, among several wants being considered, will be satisfied
Term
6 step decision making process
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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