economics
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8 Terms
economics
the study of how people and society use RESOURCES to satisfy their WANTS and NEEDS
need
a basic requirement for human survival, such as food, water and shelter
want
goods and or services that are desired but not essential for survival
scarcity
scarcity is the ECONOMIC PROBLEM of having UNLIMITED WANTS AND NEEDS but only LIMITED RESOURCES to satisfy them
opportunity cost
the value of the next best alternative (what is given up when a choice is made/2nd choice)
goods
items produced by firms that satisfy their wants and needs of consumers (are usually physical/tangible objects)
service
refers to the skills, knowledge or effort that a person provides
Note 
Flashcards (39)