Flashcard Set Preview
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| 1 |
What is Economics?
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The study of how people make choices from limited resourses (because of scarcity) to meet...
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What is Scarity?
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The condition of not being able to have all the goods and services that we want.
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What is Choice?
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What someone must make when faceed with two or more alternitives.
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What is need?
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Somthing we have in order to sirvive
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what is want?
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Something we would like to have, but is not nessary for sirvival
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What is Goods?
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Objects that can be held or touched that can satisfy people's wants
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What is Services
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Activities that can satisfy people's wants (painting servises, lawn mowing, etc.)
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What is Opportunity Cost?
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The next best alternative that must be given up when a choice is made.
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What is Factors of Production?
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Resourses used by busineses to produce goods and Services.
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| 10 |
What is Natural Resorses?
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Used to produce goods and Services. They are "Gifts of Nature" that are present without human...
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What is Human resoures?
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The Human Effort directed toward producing goods and Sevices for which they are paid wages...
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