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