Flashcard Set Preview
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| 1 |
Needs
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required in order to live
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| 2 |
Wants
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things that add comfort and pleasure to
your life
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| 3 |
Goods
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things that you can see and touch. They are products purchased to meet needs and wants.
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| 4 |
Services
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activities that are consumed at the same time thay are produced.
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Economic Resources
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the means through which goods and services are produced. Also called factors of production....
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| 6 |
Scarcity
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not having enough resources to satisfy every need.
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Economic desicion-making
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the process of choosing which wants, among several options, will be satisfied.
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| 8 |
Tradeoff
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when you give up something to have something else.
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| 9 |
Opportunity cost
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the value of the next-best alternative that you did not choose.
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