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13 Cards in this Set
- Front
- Back
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Scarcity
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people do not have enough resources to satisfy their wants/needs
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Resources
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what people use to satisfy their wants/needs.
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Needs / Wants
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The things that keep us alive / everything else.
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Trade-off
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choosing one thing over another
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Opportunity cost
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When you choose one thing over another, you give up the next best option.
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Goods / services
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Products/ activities that both satisfy wants/needs.
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Natural Resources
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anything found in nature to be used to produce for goods/services.
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Human Resources
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Human Labor
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Capital Resources
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Technology, that involves productivity for wants/needs.
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Entrepreneurship
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work of people who start new businesses
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maximize
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to get the most from our choices
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Subjective
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based on likes and dislikes rather than facts.
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A Model
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is a graph
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