Introduction To Economics

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by aimeejungfer
Last updated 5 years ago

Social Studies

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Introduction To Economics

What are needs?


What are services?

What are wants?

What are goods?

What is a consumer?

Introduction To Economics

A consumer is a person who purchases goods and services to satisfy their needs and wants.

Goods are physical, tangible items that can be seen and touched, they include all products that we buy at the shops.

Goods are tangible, physical products, bought by consumer to satisfy their needs and wants.

A service is an action completed for you by another person in order to satisfy your needs and wants.

Needs are goods and services that are essential for our survival. They include doctor appointments and food.

Wants are goods and services we desire to have but is not essential for survival. They include a Nike jumper and a singer at a concert.

What is distribution?

Distribution is is the process of sending produced goods and services to sources of consumption.

What is production?

Production is the process of creating goods and services available for distribution.


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