Economic Concepts
The allocation of a scarce resource to satisfy human needs and wants.
Economics
The subclassification of this is forest and non - forest resources
Natural
The first economists according to the Greeks
Mothers
The need to have options and changes in life
This level includes bodily needs
Psysiological needs
The basic characteristic of needs and wants
Depreciation and destruction because of continuous usage are some of the problems it faces.
Capital
The people who produce or create goods or services sold in the market
Producers
Significance
This level includes the need for guarded resources like employment, family health and property
Safety and Security Needs
The fundamental economic problem people encounter
Scarcity
Unemployment and underemployment are some of the problems it faces.
Human
The one that manages the land, labor, and capital.
Entrepreneur
The need to have a certain concern and linkage to others
Connection and Love
This level looks into the need to develop the confidence to acquire the respect of others and achieve in the field one chooses.
Self - esteem
The materials needed to produce new goods and services
resources
The factor of production associated with human resource
Labor
A well-known motivational speaker who proposed the six core human needs.
Tony Robbins
The need to develop and expand
Growth
Love and Belongingness
The cost of alternative foregone
Opportunity cost
Factors of production
A psychologist who proposed the Hierarchy of Needs
Abraham Maslow
The need to give beyond oneself
Contribution
This level is attained when a person meets their fullest potential
Self - Actualization