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20 Cards in this Set
- Front
- Back
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Choices
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A decision you must make in order to fulfill a want.
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Needs
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Things you need in order to survive.
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Wants
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Things people feel would make their life better if they had them.
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Scarcity
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The idea that every thing in the world is limited in some way.
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4 Examples of scarcity
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Time, money, and workers.
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Economics
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The study of how people, organisms, and governments chose to use their scare resources.
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Costs
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What you must pay in order to pursue an option.
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Benefits
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What you stand to gain from pursuing an option.
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Opportunity Cost
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The value of the alternative that you give up.
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Entrepreneur
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A person that starts their own business.
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Economic System
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The frame work a society uses to allocate it's resources to produce and distribute goods and services.
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Consumer
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Decides what goods to buy and spends money on services.
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Worker
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Owns a business or works for some one else.
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Citizen
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Pays taxes and obeys laws.
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Saver
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Puts money in the bank and receives interest.
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Decision Maker
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Determines his/her alternatives.
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Global Participant
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Tries to under stand international trade issues.
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Stock
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Partial owner ship in a business.
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Industry
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The category a company falls in.
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Company
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A business.
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