4. Give the definitions of world.
Consumers - The study of the choices people make in an effort to satisfy their wants and needs.
Scarcity - A physical object that can be bought
Producers - An action or activity done for others for a fee.
Needs - A term used to both goods and services.
Economics - The people who want to buy goods and services.
Wants A service - The people who make the goods and provide services that satisfy consumers' wants and needs
.
Factors of production- Goods or services that are necessary for survival.
Consumer goods - Goods or services that are necessary for survival.
A good - Deficit of resources necessary to produce goods and services.
A product - Resources that can be used to produce goods and services
5. Give the examples of: a) goods; b) services; c) needs; d) wants.
Food, a record, fame, teaching, a house, hairdressing, a car, health care, clothing, shelter, safety, a motorbike, career, safeguard, freedom, wealth, car repair, a book, water, Transporting, air, a plane.