EC-011
Scarce
What is limited
To keep money that you will use later
What is saving money
inputs
What are Resources that enable businesses to operate
They are unlimited and changing
What are human wants
an increase in the price of a good or service leads to an increase in the quantity supplied
What is the law of supply
Ex: Natural honey
What is natural product
The most important economic resource that combines natural resources and capital goods.
What are human recources
What is economic wants
What is supply and demand
The study of decisions and people
What are economics
The Economic recourse that helps people be more productive
What are capital goods
Something we want that doesn't require money
Noneconomic want
as the price of a good or service increases, the quantity demanded by consumers will decrease
What is the law of demand
Something you desire that can be spent with or without money
What are wants
A recourse that is scarce
What are limited resources
An economic want or service that is limited or scarce
What is limited supply
Any arrangement that allows for the buying and selling of goods or services between buyers and sellers
What is the Market?
that individuals, businesses, and governments
must be willing to give up all or part of one thing to get something else.
What are trade offs
When you start your workday at a convenient time to you
What is flextime
To make a purchase
What does an economic vote mean