Scarcity:The basic Economic Problem
This is the desires that can be satisfied by consuming a good or a services
wants
what are the three questions?
2.How will it be produced? 3. For whom will it be produced?
what is Opportunity Cost?
It is the value of something that is given up yo get something else that is wanted
these are things that are necessary for survival
Needs
These are the resources needed to produced goods and service
Factors of Production
what is a trade-off?
It is the alternative people give up when they make choices
what is scarcity?
This exist when there are not enough resources to satisfy human wants
what are the factors of production?
1.land (workers, human resources)
2. labors (property, natural resources)
3.goods and money( capital, machinery, technology)
4.Entrepreneurship
what is Incentive?
it is the motivation offered to encourage people to take certain actions.
this is the study of how individuals and societies satisfy their unlimited wants with limited resources
Economics
This refers to all natural resources used to produced goods and services.
Land
this is the benefit satisfaction gained from using a good or service
Utility
these are objects such as food, clothing, and furniture that can be touch
Goods
Capital
what is tangible and what is intangible?
Goods are tangible, and services are intangible.