Money
Money that has value in of itself.
What is Commodity money?
What is a service?
The study of how people use scarce resources to satisfy their unlimited wants.
What is Economics?
Money that only has value because we think it does.
What is Fiat money?
The value of what you give up by choosing another alternative.
What is opportunity cost?
Benefits that encourage people to act in certain ways.
What are incentives?
Money has to be subdivided and be able to be counted.
What is divisible?
A situation where there aren't enough resources.
What is scarcity?
Making a decision based on what you think the best combination of costs and benefits are.
What is economizing?
The item used as money must last.
What is durable?
A person who buys a good or service.
What is a consumer?
Expecting the cost and expected benefit of something.
What is cost-benefit analysis?
The money has to be easy to move from place to place.
What is portable?
The benefit or satisfaction from buying something.
What is utility?
A person who makes goods or services.
What is a producer?