PACED
Define the ______
Problem
Things, such as food, clothing, etc. that are necessary for survival.
Needs
A person who buys a good or service for their own use.
Consumer
Compares the costs and benefits of decisions
Cost-Benefit analysis
Unit of account.
Function
Stare your ______
Criteria
Things that are desired, but not needed for survival
Wants
A person who makes goods or does services
Producer
Alternatives that must be given up when one product is chosen rather than another
Trade-offs
Store of value
Function
List your ___________
When there are not enough resources to meet the human needs or wants
Scarcity
The study of how people satisfy their unlimited wants with limited resources
Economics
Land labor and capital, the three groups of resources that make all goods and services.
Factors of production
Portable
Characteristics
_________ Your alternatives
Evaluate
Objects that can be purchased, like food and clothing.
Goods
Incentives
The most wanted alternative given up as the result of a decision.
Medium of exchange
Functions
Make a ________
Decision
Work that a person does for another for money or a payment, such as teachers, doctors, and nurses.
Services
Benefits gained from the use of goods or services.
Utility
Someone who manages, organizes, and takes on the risks and responsibility's of a business.
Entrepreneur
Countable
Characteristics