Economics

5. durable goods goods which don’t last long eg food
6. the talents possessed by people
8. are the raw materials provided by our environment
9. are the goods and services that assist us to enjoy a good standard of living.eg DVD,
10. goods and services that people think are the necessities of life eg food, clothing, shelter
11. study of how wealth is created and distributed.
12. is someone who manufactures goods and services
14. tasks that are performed for other at a cost eg hair cut
18. the physical resources produced by humans to produce other goods and services eg machinery, buildings
22. converting the raw materials to other products through manufacturing
24. Price price at which the consumers are willing to buy and the producers are willing to sell
25. money used in a country which is legally authorised by the government.
26. a business which receives and lends money to the public at a profit and which is guaranteed by the government.
27. scarcity not enough resources to satisfy all needs and wants ie resources are scarce in relation to how much we would like to have them

1. goods goods that cannot be easily replenished
2. visible/ tangible things that people buy eg TV
3. goods goods which last are meant to last a long time eg washing machine
4. the people in a company who make the major decisions
7. people who buy goods or pay for services
13. using the raw materials from the land
15. cost is the loss of opportunity to buy the next best thing
16. resource something that can be used to generate wealth ie the factors in the production of goods and services-
17. giving something up in order to receive something else that we want to have
19. how a nation chooses to generate and distribute wealth
20. of demand states that producers will want to make a product that can be sold for a high price and a great profit.
21. transferring the goods to the community
23. goods goods that can be replenished-water