1
I cant live without food, water, or shelter.
Need
These are things that make me more comfortble.
Wants
This pay raise has really motivated me to work harder.
Incentives
Although you could get a two for one pizza, you could have spent your time watching your favorite show.
Trade off
Out of the choices which choice is more valuable.
Opportunity Cost
Daily Double
1) You have a limited resourse, but limitless wants.
2) This includes all that nature provides.
1) Scarcity
2) Land
A bow and arrow is a _______ for a hunter
Capital
Example of this is Stocks and Gold
Financial Capital
Daily Double
1) the suppliers of a consumers goods
2) someone who innovates and invents
1) Labor
2)Entrepreneur
items that increase the demand
Goods
A example is Haircuts and medical check-ups
service
This is used in the production process to produce.
Input
the consumer has the choice to buy what they want.
Consumer Sovereignty
Business go head to head to see who has the better good.
Competition
the degree of wealth and material comfort available to a person
standard of living
things that aren't needed to survive, but are priced higher than things that we do need to survive
paradox value
the total value of all of the things a person or a group of people owns
wealth
encourages efficiancy, inovation and invention, and heighers the standard of living
profit motive
an arrangment that brings buyers and sellers together ro do business with eachother
market
A system used to manage limited resourses, for the production, distribution, and consumption of goods and services
economy
measuring or efficency with which goods or services are being produced
productivity
a condition in which an economy is expanding and producing more better goods and services
economic growth
an economic system in which that means of production are mostlt privatly owned and operated for profit
free enterprise
the goods and services genurated by the production process
output
the pleasure, satisfaction, or benefit a person recieves from consuming a product or service
utility