Econ C 1- Section 1

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Economics

Last updated 1:58 PM on 9/25/26
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9 Terms

1
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<p>Economics</p>

Economics

The study of how individuals & societies satisfy their unlimited wants with limited resources

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<p>Scarcity</p>

Scarcity

The situation that exists because wants are unlimited and resources are limited

3
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<p>Wants</p>

Wants

Desires that can be satisfied by consuming a good/service

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<p>Needs</p>

Needs

Things like foods, clothes, or shelter etc.

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<p>Consumer</p>

Consumer

Person who buys or uses goods/services

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<p>Producer</p>

Producer

Maker of goods/services

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<p>Factors of Production</p>

Factors of Production

Land, Labor, Capital & Entrepreneurship

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<p>Causes</p>

Causes

Events that explain why something happens

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<p>Effects</p>

Effects

What actually happens