Flashcard Set Preview
| Side A | Side B | ||
| 1 |
needs
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things 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. products you can purchase
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| 4 |
services
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activities that are consumed at the same time they are produced
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| 5 |
economic resources
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the means that goods and services are produced
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| 6 |
scarcity
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not enough resources to satisfy needs
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| 7 |
Economic decsion-making
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the priocess of choosing wants that will be satisfyed
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| 8 |
tradeoff
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giving up something to have something else
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| 9 |
opportunity cost
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the value of the next-best alternative
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