ECONOMIC VOCABULARY
Needs
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Desire felt by consumers for basic necessities of life, food, clothing, and shelter.
1.
Convenience
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The quality of being easy, useful or increasing comfort.
2.
Competition
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Efforts of two or more businesses to win the same customers.
3.
Goods
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Tangible objects (food, automobiles, shoes) capable of satisfying human wants.
4.
Producer
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A person or firm who makes (or supplies) a good or service.
5.
6.
Services
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Productive acts of labor (intangibles) which do not result in a tangible product, but which satisfy consumer wants or needs.
7.
Land
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A factor of production includes real estate (earth) and all-natural resources such as mineral deposits, water, and timber.
8.
Resources
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All-natural, human and human-made aids used to produce goods or services.
9.
Production
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Process of combining resources (land, labor, and capital) to make goods and services.
10.
Wants
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Desire felt by consumers for goods and services. Wants are limited; that is, they include basic needs (for food, clothing, and shelter) and desires that are above and beyond basic needs.