Answer:
1. Consumer- person whose needs and wants are satisfied by using goods and services.
2. Economics- social science that focuses on decision making.
3. Good- object that can satisfy people's needs or wants.
4. Need- a good or service required for survival.
5. Producer- person who makes goods or provides services.
6. Service- action that can satisfy people's needs or wants.
7. Want- a good or service that people would prefer to have, but do not need.
Explanation:
1. A consumer is someone who 'consumes', one who takes in, be it service or goods. It is a term used to refer to someone who is at the receiving end of any service.
2. Economics is the branch of social science that is based on decision making and its studies. It is concerned with the production, the distribution, and the consumption of goods and services, all-around decision making.
3. Goods are those objects that made a person satisfied. It may either be a need or a want, as long as it satisfies a person.
4. A need may consist of a good or service that is required for a person's survival. It is a necessity, contrary to a person's 'want'.
5. A producer is someone who produces or provides goods and services for the satisfaction of others.
6. A service is an action that is given to a person for his/ her wants or needs. It includes any help or act of helping that will help out a person.
7. A want may include any goods or services that a person may think he/she needs but is not necessarily needed. It is contrary to 'need' as it is lesser important.
