The nature and purpose of economic activity
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6 Terms
1
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What is the main purpose of economic activity?
To satisfy soceity’s needs and wants
2
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What is a need?
A need is something that humans require to survive, such as food, shelter and warmth.
3
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What is a want?
A want is something not essential for survival, but which people feel improves their standard of living, or economic welfare.
4
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What is economic welfare?
the standard of living, or general well being, of individuals in society.
5
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What is the basic economic problem?
scarcity. Economic resources are limited relative to society’s wants.
6
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Three Fundamental Economic questions
What?
How?
For whom?
Note 
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