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9 Cards in this Set
- Front
- Back
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Something that is required for survival.
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Needs
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An expression of a need
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Want
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Insufficiency of amount or supply
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Scarcity
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The study of how goods and services get produced and how they are distributed
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economics
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Something you must give up to receive another item
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Trade-off
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The action you are giving up to do another action.
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Opportunity cost
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Tool or equipment used to produce the goods
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Capital goods
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a good used by an individual
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Consumer goods
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A capital or consumer that should last more than 3 years. Also, a good that should last less than 3 years.
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Durable good, non-durable good.
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