Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
|
Scarcity and Choice |
Wants are things that you need in order to survive as well as things that you would like to have. Economic wants are a desire for goods and services. These include food, clothing and shelter. Other wants are the things that you would like to have. Like an overseas trip, new car or the latest CD. |
|
|
Unlimited Wants |
Wants are unlimited they are always changing. Some wants are continual like food and goods that wear out and need replacing. Many people want more or better than they have. You can't satisfy wants because they are unlimited. |
|
|
Scarce Resources |
Resources are used to make goods and services to satisfy your wants.There are three main resource groups. Natural Resources - Those provided by nature Human Resources - Labour provided by people Man Made Resources - Goods made in production of goods and services |
|
|
Choice |
Because resources are scarce it is not possible to produce enough goods and services to satisfy everybody wants, choices have to be made. |
|
|
Opportunity Cost |
Because choices have to be made, something has to be given up. Opportunity cost is the second best. For example if you want to go to a concert but only have enough money for the CD the opportunity cost is the next best which is the CD not the concert. |
|
|
Production and Producers |
Production is when |
