wants vs. needs
is food a need or a want
need
what is a consumer
a person who purchases goods and services for personal use.
definition of economics
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
what does it mean to economize
to make decisions according to what you believe is the best combination of costs and benefits
defintion of portable
able to be easily carried or moved, especially because being of a lighter and smaller version than usual.
are clothes a need or a want
need
what is scarcity
the state of being scarce or in short supply; shortage.
what are goods
merchandise or possessions.
definition of utility
Ability or capacity of a good or service to be useful and give satisfaction to someone.
definition of durable
able to withstand wear, pressure, or damage; hard-wearing.
are video games a want or a need
want
what is a need
require (something) because it is essential or very important.
what is a service
the action of helping or doing work for someone.
what is cost-benefit analysis
compares the costs and benefits of a decision
definition of countable
able to be counted.
are toys a want or a need
want
what is a want
have a desire to possess or do (something); wish for.
what is a entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
what are the 3 functions of money
medium of exchange, unit of account, store of value
definition of scarce
restricted in size, amount, or extent; few, small, or short.
is a car a want or a need
want(there are other ways to travel)
what is a producer
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
what is opportunity cost
the most desirable alternative given up as the result of a decision
what are the 4 characteristics of money
portable, durable, countable, & limited (scarce)
what does it mean to have commodity money
a physical good that consumers universally use to trade for other goods.