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What is a WANT?
a wish or desire
a transaction with physical goods
a non-material good
What is a NEED?
something required for life
a wish or aspiration
a tangible object
a type of income
A ______________ is any person who buys goods and services to satisfy their needs and wants.
A __________________ is a person or group that makes something in order to sell it
What does Consumer Sovereignty mean?
Producers are the rulers due to their supply of goods and services
Consumers wants are the rulers because of their demand for products
Consumers and producers aren't related at all
consumers are greedy
What is SUPPLY?
the total amount of a good or service that is available to a consumer
a customers desire to purchase a good or service
as the price of a good or service increases, the quantity of a good or service will increase
wants and needs
What is DEMAND?
an oversupply of goods
where market supply becomes stable
the total amount of a specific good or service that is available to customers
a consumers desire to purchase goods and services
What are the 4 types of Resources?
What elements are in the circular flow?
goods and services
Which of these is NOT a type of income?
List the components of the Circular Flow (diagram)
an example of LABOUR is