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13 Cards in this Set
- Front
- Back
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scarce
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when something is limited, not rare
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needs
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something we need to survive
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wants
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something we would like to have
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free goods
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goods that didn't cost anything to consume
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economic goods
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goods that cost money to consume
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producer
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someone that makes goods and services
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consumer
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someone who uses goods and services
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decision making
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the processs of making a choice
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limited means
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when things are limited in relation to how much we want them
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opportunity cost
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the next best alternitive forgone
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producing
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making something
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efficient
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achieving maximum productivity with little or wasted expence and effort
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specialization
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only focussing on one thing in the production process, it can only happen if workers can divide their tasks into one small task, they then become specialists because they are skilled at one thing not a jack of all trades
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