These are non-essential things that add to the quality of life for an individual.
What is a want?
100
This is one of the three basic questions that addresses which goods and services should be produced in order to satisfy needs and wants.
What is "What" goods and services should be produced?
100
This factor of production includes all materials that come from the earth.
What are natural resources?
100
The availability of these limit the number of wants and needs that can be satisfied.
What is resources?
100
This is the process of choosing which wants will be satisfied.
What is decision making?
200
These are essential to human life and are required for survival.
What is a need?
200
This is one of the three basic questions that addresses the means by which the goods and services should be produced.
What is "How" should those goods & services be produced?
200
This factor of production includes all people who work to produce goods and services.
What are human resources?
200
This is the shortage of resources and is considered to be the basic economic problem.
What is scarcity?
200
This is the first step in the decision making process.
What is "define the problem" or "identify the situation"?
300
These are basic needs for survival.
What is water, shelter, and food?
300
This is one of the three basic questions that addresses determining specifically those who will be consuming (or using) the goods and services.
What is "For Whom" should the good or service be produced?
300
This factor of production includes the tools, equipment, and buildings used to produce a good or service.
What are capital resources?
300
This occurs when a choice is made between two or more options, weighing costs vs. benefits.
What is a trade-off?
300
This is the final step in the decision making process.
What is "review the decision/action" or "evaluate your decision"?
400
This is defined as the study of producing, distributing, and consuming goods and services. It involves decisions made regarding the use of resources.
What is economics?
400
When answering the three basic economic questions, economies are faced with this which refers to the shortage of resources.
What is scarcity?
400
These are the means through which goods and services are produced, also known as factors of production.
What is economic resources?
400
This is what you gave up choosing one option instead of another.
What opportunity cost?
400
This second step in the decision making process requires you to take the time to think through the situation so that you can identify and consider all the important available possibilities.
What is "identify alternatives"?
500
Private ______ are what individuals or groups of people desire, such as technology (e.g. iPhone 7).
Public ______ are widely shared by many people (society), such as highways, public libraries, and parks.
What are public and private wants?
500
The way a nation answers the three basic economic questions tells us what about a nation?
(These four types include traditional, command, market and mixed)
What is "the nation's economic system"?
500
Limitations in the availability of the different factors of production (i.e. economic resources) lead individuals and businesses to follow this process when making choices.
What is the decision making process?
500
Most people have basic needs and _________ wants. This basic economic problem leads us to have to make choices.
What is unlimited?
500
According to the decision-making process, it is important to consider _____ when evaluating advantages and disadvantages of each solution.