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14 Cards in this Set
- Front
- Back
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Desires that can be met by consuming products. |
Wants |
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Things that are necessary for survival. |
Needs |
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Lack of recources available to meet all human wants. -Not a temporary shortage |
Scarcity |
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Study of how people use recources to satisfy wants. - |
Economics |
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Society must ask what three questions? |
-What will be produced? -How will it be produced? -For whom will it be produced? |
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How goods and services are distributed involves two questions? |
-How should each persons share be determined? -How will goods and services be delivered to people? |
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Factors of production? |
Recources needed to produce goods and services |
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What does land mean? What does it include? |
All natural recources on or under the ground. It includes water, forests, wildlife, and mineral deposits. |
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What is labor? |
All the human time, effort, talent used to make products. |
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What is capital? |
A producers physical resources. Includes tools, machines, offices, stores, roads, and vehicles. |
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Entrepreneurship |
Vision, skill, ingenuity, willingness to take risks. |
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Economic choices are shaped by: |
Incentives and Utility |
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What is trade off? |
An alternative people give up when they make a choice |
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Opportunity Cost |
Is value of next - best alternative a person gives up. |
