Terms 1
What is the study of how people use scarce (limited) resources to satisfy their unlimited wants?
What is Economics
What are physical objects that can be bought?
What is goods
Define the _____
What is problem
Things such as food, clothing, shelter, etc.
What is needs
What is simply a piece of technology devised by humans to ease transactions?
What is money
What is a situation that exists when there are not enough resources to meet human wants?
What is Scarcity
What is the benefit or satisfaction gained from using a good or service?
What is ultility
things that are desired
What is wants
Money is true weath
What is False
What is the value of what you give up by choosing one alternative over another?
What is opportunity facts
What is A person/entity who makes goods or provides services?
What is a producer
State your ______
What is Criteria
What is A person who buys a good or service for personal use?
What is a consumer
Money should be what four things
What is Durable, Divisible/Countable, Portable, and Scare
What are benefits that encourage people to act in certain ways?
What is Incentives
What is classified as a need?
What is food
_______ your Alternatives
What is evaluate
What is weighs the benefits of an action against its cost?
What is cost-benefit analysis
In order for money to be store of value, the item used as money has to last is called?
What is durable
What is making decisions based on what you believe is the best combination of costs and benefits?
What is Economizing
What is Work that one person performs for another for payment?
What is services
Make a _______
What is decision
What is the alternative that you give up then an economic choice is made?
What is trade-off
Money has to be HARD to make (and hard to counterfeit). This is called...
What is Scare