Easy
things we need for survival
what are Needs
buy something for personal use
Consumer
The most highly valued opportunity given up when you make a choice
what is Opportunity Cost
P stands for
What is problem
What is no free Lunch
are not necessary for survival
what are Wants
benefits offered to encourage people to act in certain ways.
Incentives
alternative that you give up when a economic choice is made
What is Trade Off
A Stands for
What is Alternative
Honey Buns, Phone minutes, Paper money
Physical objects that can be purchased like food clothing furniture.
What are Goods
Benefit gained from good service
Utility
Provides a service
Producer
C Stands for
Utility benefits offered to encourage people to act in certain ways.
What is False
work one person performs for another
what are Service
to make decisions by what you think is the best combination for cost/benefit
What is Economize
what is Medium of Exchange Store of Value Unit of Account
E Stands for
What is Evaluate
Economize work one person performs for another
The study of how people satisfy their wants unlimited wants with limited resources
What is Economics
weights the benefits of an action against its costs
What is Cost Benefit Analysis
Not enough resources to meet human needs and wants
D Stands for
What is Decide
Opportunity Cost The most highly valued opportunity given up when you make a choice
what is True