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Word

Translation

Definition

NEED

Nhu cu

a good or
service
necessary
for daily life.

WANT

Mong mun

Factors of
production

Yu t sn
xut

Scarcity

S khan him

Sentence

Mental
needs can
not be
boght by
money.
good or
That
service that woman is
people want not able to
to have or
satisfy all
possess, but her
not
childrens
necessary
wants
for daily life. because
Humans
their house
wants are
doesnt
unlimited.
have
enough
condition
like others
resources
Factors of
that needed production
to produce
are limited.
goods and
We
services.
therefore
There are
need to use
four factors them
of
efficiently
production
and
and they are effectively.
in limited
supply.
lack of
adequate
products to
fulfil all the

The
appearance
of scarcity
in natural

wants of the
whole
population.

Opportunity cost

Chi ph c hi

the next
best
alternative
given up by
choosing
another
item.

Specialization

Chuyn
ngnh

occurs when
people and
business
concentrate
on what
they are
best at.

Division of labor

S phn chia
nhn cng
( lao ng )

resources
has been
restricting
the
developme
nt of that
country.
You need to
consider
carefully
about your
opportunity
cost.

Specializati
on can
increase
peoples
living
standards
and help
their
physical life
becomes
better.
Happens
Division of
when the
labors
production
helps the
process is
production
spilt up into process be
different
faster and
tasks and
more
each worker productive,
performs
thus
one of these increase
tasks. Its a
the quality
form of
of the
specializati product.

on.
Business

Doanh nghip combine


factors of
production
to make
products
which
satisfy
peoples
wants.

Added value

Thm gi tr

the
difference
between the
selling price
of a product
and the cost
of bought in
materials
and
components
.

The economic
problem

Vn kinh
t

happens
when there
are an
unlimited
amount of
want but
shortage of
resources to
produced
products
and services
to satisfy
those wants.
It creates

People who
want to run
their own
business
must have
enough
conditions
and
necessary
factors.
The more
added
value you
can earn,
the more
profit you
can take.

The
economic
problem
can not be
sloved
because
peoples
wants are
unlimited.

scarcity.