The desires of human beings for goods and services - Wants, Want= Complete the equation - Want= desire for a commodity + effort to acquire it. , All things that have value and satisfy human wants are called - Goods, Goods which can be touched or seen and have a definite shape and size are called - Material Goods, The goods that cannot be seen or touch but they satisfy human wants - Non-Material Goods, The goods that do not possess any exchange value. They are free gift of nature. - Free goods, The goods which are not freely available . We have to pay for these goods - Economic goods, The goods which are used as raw material for production of other goods or for resale in the same year. - Intermediate goods., A type of economic activity that is performed by one individual or organisation for the benefit of another - Services, Wants satisfying power of a commodity - Utility, Value expressed in terms of money - price, I refer to all those goods which are relatively scarce and have money value - Wealth, Well-being of a person or a society - Welfare, All those man-made goods which are used for further production - Capital, Something which is generally accepted as a medium of exchange - Money, Money that you receive in exchange for your labour or products - Income, The process of creating various goods or services, which are consumed by the people of the country - Production, Whatever is used in the production process is called an ________ - Input or Factor of production, The person who creates utility - Producer, A system by which the buyers and the sellers establish contact with each other directly or indirectly by purchasing and selling the commodity - Market, Anything that helps in the process of production of commodity or service is called __________ - Factor of Production, I am not only the surface of the earth but also all free gifts of nature - Land, Labour which involves mainly physical effort and very little mental effort - Physical Labour, Labour requiring mainly mental or intellectual effort - Mental Labour, A factor of production which is a combination of the other three factors - Entrepreneurship, ___________ is the beginning and end of all human activities - Consumption, The use of goods and services that minimises its impact on the environment - Sustainable Consumption, Excess of income over net consumption - Saving, In economics , the word __________ refers to production activities of a well defined area or region - Economy,

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