Business 10

Question	Answer
What is economics?	The study of how people use resources to survive and satisfy their needs and wants
human resources	people that use their skills to produce a good or service
Natural resources	from nature and are used in their natural form
capital resources	goods produced and used to make other goods or services
cash economy	income determines the goods and services a consumer can buy
What are values?	strongly influence our spending habits. The more important something is, the more we are willing to spend on it
values	The beliefs and practices in your life that are very important to you
scarcity	economic principle stating that because of limited resources, an economic system cannot possibly produce all the goods and services that people want. Decisions must be made.
Competition	a person or a group that you are trying to succeed against
Cooperation	a combination of people working together towards a common goal
economic development	creation of a better quality life
industry regulations	laws that keep canadians safe from diseases from foreign countries
tax incentives	goals or better quality products that the government uses to promote higher taxes
tax collections	taxes that are collected

Resource summary

	Created by premjeetg over 9 years ago