Economic way of thinking

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7 Terms

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Economics

The study of how people seek to satisfy their needs and wants by making choices.

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Want

Something that people desire, but that is not necessary for survival.

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Need

Something essential for survival.

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Scarcity

The principle that limited amounts of goods and services are available to meet unlimited wants.

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Four types of production

Natural resources: land

Human Resources: labor

Capital resources: tools

Entrepreneurship

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Goods

The physical objects that someone produces.

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Services