PACED
P stands for
What is define the problem
What is an example of a need
What are food, clothes, shelter
What is a consumer
What is a person who buys good or services for personal use
What are goods
What are items purchased to satisfy needs and wants
What are wants
What are things that add comfort and pleasure to your life (not required to live)
A stands for
What is list your alternatives
What is an example of a want
What are video games, a pet
What is a producer
What is a person who makes goods or provides services
What are factors of production
What are land, labor, and capital
What is capital
What are machinery and tools
C stands for
What is state your criteria
What is economics
What is the study of how people satisfy their needs
What is utility
What is a Benefit/satisfaction gained from the use of a good/service
What is a entrepreneur
What is a person who organizes, manages, and takes on the risks of a business
What does economize mean
What is to make decisions according to what you believe is the best combination of costs and benefits
E stands for
What is Evaluate your alternatives
What is scarcity
What is when there not enough resources to meet human needs
What is opportunity cost
What is The most highly valued opportunity given up when you make a choice
What are trade offs
What are alternatives that must be given up when one product is chosen rather than another
What are the three functions of money
What are medium of exchange, unit of account, store of value
D stands for
What is make a decision
What are services
What is work one person performs for another
What is the cost benefit analysis
What is when you weighs the benefits of an action against its cost
What are needs
What are things that are required in order to live
What are the four characteristics of money
What is portable, durable, countable, & limited (scarce)