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It is a good or service that people can use to satisfy their needs and wants.
resources
Give 3 examples of renewable resources
sunlight, wind, water, trees, animals
What are non-renewable resources? Give 3 examples.
Resources that will run out and get finished. E.g. coal, oil, natural gas, minerals
Differentiate natural resources from man-made resources
natural - found in nature; man-made - made by humans
Who is a producer?
Someone who uses resources to make goods and services
Who is a consumer?
A person who buys or uses goods and services.
Who is seller?
A person who sells goods and services
A person who buys goods and services is known as ____________.
a buyer
It refers to the person's willingness and ability to buy goods and services.
demand
It refers to the amount of goods and services available to consumers.
supply
synonym of 'to buy'
to purchase, spend or pay
What are the three types of economic resources?
natural (land), capital, human (labor)
Odd one out: minerals - silver - hospital - gold
hospital
tools, equipments, machines or money
capital resources
