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Lesson Flashcards: Basic Economic Concepts Economics

Nonrenewable resources

Resources that exist in limited amounts and whose consumption continually decreases their quantities (e.g., petroleum and minerals)

Human resources

Humans who can provide services, such as a nurse, an author, or a farmer

Capital goods

Goods that indirectly satisfy human needs (e.g., paper used to print books, a computer chip used to make a computer, and apples used to make apple juice)

Economic activities

The production, distribution, or consumption of goods and services

Need

A feeling of distress leading the individual to act to diminish or resolve it (satisfy the need)

Scarce resources

Resource for which need exceeds the existing quantity

Consumption goods

Goods that directly satisfy human needs (e.g., apples to eat, houses to live in, and computers to use for enjoyment)

Secondary need

A need to increase the happiness of an individual or improve the conditions of a society

Characteristics of human needs

Satisfaction, increase, and diversity

Services

Economic outputs that are intangible and can be sold to customers (e.g., a haircut or an activity)

Resources

Means by which an individual’s need may be directly or indirectly satisfied

Renewable resources

Resources that can regenerate themselves after a sufficient amount of time passes and that may require the regulation of their usage in order to sustain their benefits (e.g., trees and solar energy)

Free resources

Resources that exist in quantities that far exceed the demand for them. (e.g., air, water, and soil)

Natural resources

Resources that exist in nature, such as forests, rivers, or gold mines

Characteristics of resources

Renewability, scarcity, and present form

Goods

Economic outputs that are tangible items you can touch that can be sold to customers (e.g., cars or apples)

Primary need

A need that is essential for survival

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