PACED
_______ your alternatives
evaluate
things that are not necessary for survival
wants
benefits offered to encourage good behavior
incentives
medium of _______
exchange
money that has value in and of itself
commodity money
list your ______
alternatives
things that are necessary for survival
needs
benefit or satisfaction gained from use of goods or services
utility
store of ____
value
only works becasue we beleive it does
fiat money
state your ______
criteria
how people satisfy their unlimited wants wiht limited resources
econimics
the msot highly valued oppurtunity given up when you make a decision
oppurtunity cost.
_____ of account
Unit
in prison, they cant use actual money so they use commodity money. and example of that would be
honey buns
make a
decision
perosn who makes goods or provides services
producers
weighs the benefits of an action agaisnt its cost
cost benefit analysis
must be hard to _______
counterfit
_____ minutes work as money
Mobile
define the ______
when there are not enought resources to meet human wants and needs
scarcity
the alternative that you give up when the economic choice is made
trade-off
Should be ______
durable
money has to move from place to place so it must be
durable