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10 Cards in this Set
- Front
- Back
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scarcity
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economic problem that results from scarceresources and peoples unlimited wants.
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trade off
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alternative choices that people face
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standard of living
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the things that you have that make your life easier
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need
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something you have to have to survive
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want
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a way to express a need
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economics
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the study of how people try to satisfy unlimited wants with limited resources
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4 factors of production
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land: trees
labor: workers capital:factory entrepreneurs: Bill Gates |
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GDP
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gross domestic product--- sum of all goods and services produced by a country
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opportunity cost
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when you do one thing to miss out on doing something else---your friend has an extra concert ticket and you chose to go to the concert instead of work and get paid
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TNSTAFL
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theres no such thing as a free lunch
everything has a cost even though it may not cost you |
