Decisions
Study of how to meet unlimited wants with limited resources
What is economics?
Police officers, teachers, and welders
What are human resources?
The gap between limited resources and unlimited wants for goods and services
What is scarcity?
What and how many goods and services to create
What will be produced?
Anyone who uses goods and services
What is a consumer?
Desires for things that can only be obtained by spending money
What is economic wants?
Buildings, machinery, and trucks.
What are capital goods?
Process of deciding which goods and services to purchase or provide for greatest satisfaction
What is economizing?
Determine how the goods and services will be divided among their people
How will the products be allocated?
Usually in the form of money (wages, salaries, rent, . . .)
Resources are always _______________ .
What is limited?
Found in the environment
What are natural resources?
The next-best alternative given up
What is opportunity cost?
Decide the best, most efficient ways to use limited resources to make their products
How will the products be produced?
Individuals who make or provide goods and services
What are producers?
A noneconomic want
What is friendship?
A reason why natural resources are limited
What is . . . . ?
Willing to give up all or part of one thing in order to get something else
What are trade-offs?
Groups of people in a society that share the products
Who are individuals, businesses, and governments?
Process by which income (money received) is divided among resources owners and producers
What is distribution?
Wants are always ________________ .
What is unlimited?
A reason why human resources are limited
What is . . . ?
What is decision making?
Societies must decide how to use limited resources between producing capital goods and ______________ goods.
What is consumer?
The ultimate goal of all economic activity
What is consumption?