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essential life
A NEED IS . . . something that is ____________________ for your ____________________ .
life enjoyable more
A WANT . . . makes your ____________________ ____________________ ____________________ .
wants resources
THE ECONOMIC PROBLEM IS THAT : our ____________________ are unlimited but our ____________________ are limited .
wants satisfied
THE ECONOMIC SYSTEM IS HOW . . . our needs and ____________________ are ____________________ .
land labour entrepreneur capital
THE FACTORS OF PRODUCTION ARE . . . ____________________ , ____________________ , ____________________ , ____________________ .
factors of productio
ANOTHER NAME FOR RESOURCES IS . . . ____________________ ____________________ ____________________
occurring resources naturally
LAND IS . . . ____________________ ____________________ ____________________ .
human productio required in effort the
LABOUR IS . . . ____________________ ____________________ ____________________ ____________________ ____________________ ____________________
majority production people
LABOUR INTENSIVE LABOUR IS . . . when the ____________________ of ____________________ is carried out by ____________________ .
production machines majority
CAPITAL INTENSIVE LABOUR IS . . . when the ____________________ of ____________________ is carried out by ____________________ .
resources production process
CAPITAL IS . . . the ____________________ used it the ____________________ ____________________ .
product resources produce
AN ENTREPRENEUR IS . . . the person who takes risks in combining the ____________________ to ____________________ the ____________________ .
raw materials
IN THE TRANSFORMATION PROCESS , INPUT IS . . . the ____________________ ____________________ .
raw materials value
IN THE TRANSFORMATION PROCESS , THE TRANSFORMATION . . . adds ____________________ to the ____________________ ____________________ .
product finished
IN THE TRANSFORMATION PROCESS , THE OUTPUT IS . . . the ____________________ ____________________ .
input output
ADDED VALUE IS . . . the difference between the ____________________ and the ____________________ .
earn
REVENUE IS . . . how much money you ____________________ .
make
PROFIT IS . . . how much money you ____________________ .
production cost of revenue
HOW TO CAlCULATE PROFIT : ____________________ - ____________________ ____________________ ____________________ .
best choice second loss
THE OPPORTUNITY COST IS . . the ____________________ of your ____________________ ____________________ ____________________ .
seen touched
GOODS ARE . . . items that can be ____________________ and / or ____________________ .
to activities for
SERVICES ARE . . . ____________________ that are done ____________________ or ____________________ you .
makes good preforms service
A PRODUCER IS . . . anyone who ____________________ a ____________________ or ____________________ a ____________________ .
service buys good uses
A CONSUMER IS . . . anyone who ____________________ and / or ____________________ a ____________________ or ____________________ .
physiological actualisation safety self love belonging and esteem
MASLOW'S HIERACHY OF NEEDS ( lowest to highest ) : ____________________ , ____________________ , ____________________ ____________________ ____________________ , ____________________ , ____________________ - ____________________ .