Terms 1
Things such as food, clothing, shelter etc. Things that are needed for survival
What is Needs
Things that are desired, but that are not necessary for survival
What is a want
Person who makes goods or Provides services
What is Producers
Define the ______
What is Problem
Person who buys goods or services for personal use
What is Consumers
Situation that exist when there are not enough resources to meet human wants/needs
What is Scarcity
Physical objects that can be purchased such as furniture, clothing, food, etc.
What is goods
Work that one person performs for another, for payment such as teachers etc.
What is Services
Benefits offered to encourage people to act in certain ways
What is Incentive
The alternative that you give up when an economic choice is made
What is Trade-Off
Weighs the Benefit of an action against its cost
What is Cost-benefit anylasis
State your ________
What is Criteria
The most highly valued oppurtunity given up when you make a choice
What is Opportunity Cost
Money should be what 4 things
What is Durable, Divisible/Countable, Portable, and Scarce
What is another thing like money that could be used something to use to buy something
What is Gold
Money has to be HARD to make (and hard to counterfit). This is called...
What is Scarce
________ your Alternatives
What is Evaluate
In order for money to be store of value, the item used as money has to last is called
What is Durable
Define economics
What is The study of how people satisfy their unlimited wants with limited resources
To make decisions based on what you believe is the best combination of cost and benefits
What is Economize
True or false: Money is true wealth
What is False
Make a _______
What is Decision
What is a simple piece of technology devised by humans to ease transactions
What is Money