Flashcard Set Preview
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| 1 |
Needs
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Things that are 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.
Purchased to meet your needs and wants.
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| 4 |
Services
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Activities that are consumed at the same time they are produced. Ex. hair cut
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| 5 |
Economic Resources (Factors of Production)
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Means through which goods and services are produced. (natural resources, human resources, capital...
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Natural Resources
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Raw materials supplied by nature.
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Human Resources
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People producing goods and services.
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Capital Resources
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The products and machines used to produce the product.
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| 9 |
Scarcity
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Not having enough resources to satisfy every need
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| 10 |
Economic decision-making
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The process of chosing which wants will be satisfyed. Ex: new phone vs. new outfit
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| 11 |
Tradeoff
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When you give up something to get something else.
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| 12 |
Opportunity Cost
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The value of the next best alternative that you didnt choose.
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| 13 |
Decision Making Process
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1. Define the Problem
2. Identify the Choices
3. Evaluate the adv./dis adv.
4. Choose One
5....
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