Flashcard Set Preview
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| 1 |
what is economics
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the study of how people make choices from limited resources
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| 2 |
what is scarcity
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the condition of not being able to have all the goods and services that we want
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| 3 |
what is a choice
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what someone must make when faced with two or more alternatives.
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| 4 |
what is a need
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something we have to have in order to survive.
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| 5 |
what is a want
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something we would like to have, but is not necessary for survival.
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| 6 |
what is a good
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objects that can be held or touched that can satisfy someones wants.
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| 7 |
what are services
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activities that can satisfy someones wants (painting service , lawn mowing,etc.)
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