1. 1. are the raw materials provided by our environment
  2. 4. electronic funds transfer at point of sale.
  3. 6. 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
  4. 8. durable goods goods which don’t last long eg food
  5. 10. using the raw materials from the land
  6. 11. of demand states that producers will want to make a product that can be sold for a high price and a great profit.
  7. 12. converting the raw materials to other products through manufacturing
  8. 14. giving something up in order to receive something else that we want to have
  9. 17. goods goods that cannot be easily replenished
  10. 22. people who buy goods or pay for services
  11. 24. the talents possessed by people
  12. 25. is someone who manufactures goods and services
  13. 27. a business which receives and lends money to the public at a profit and which is guaranteed by the government.
  14. 28. how a nation chooses to generate and distribute wealth
  1. 2. goods and services that people think are the necessities of life eg food, clothing, shelter
  2. 3. the physical resources produced by humans to produce other goods and services eg machinery, buildings
  3. 5. tasks that are performed for other at a cost eg hair cut
  4. 7. transferring the goods to the community
  5. 9. cost is the loss of opportunity to buy the next best thing
  6. 11. tender money used in a country which is legally authorised by the government.
  7. 13. resource something that can be used to generate wealth ie the factors in the production of goods and services-
  8. 15. are the goods and services that assist us to enjoy a good standard of DVD,
  9. 16. goods goods that can be replenished-water
  10. 18. the people in a company who make the major decisions
  11. 19. Price price at which the consumers are willing to buy and the producers are willing to sell
  12. 20. the study of how wealth is created and distributed.
  13. 21. goods goods which last are meant to last a long time eg washing machine
  14. 23. visible/ tangible things that people buy eg TV
  15. 26. money used in a country which is legally authorised by the government.