1.2 Flashcards
1
Q
Define Need
A
MUST have
2
Q
Define Want
A
would like to have
3
Q
Limited means
A
time, knowledge, income, money and family
4
Q
The basis of economics
A
How people satisfy their unlimited want s using scarce resources
5
Q
Scarcity
A
limited means in relation to unlimited wants
6
Q
Opportunity cost
A
the next best alternative forgone
7
Q
Producers
A
use resources to create other goods
8
Q
consumers
A
consume goods and services
9
Q
Goods
A
tangible
10
Q
service
A
something someone does for someone else
11
Q
free goods
A
plentiful- no cost
12
Q
Economic goods
A
scarce therefore cost
13
Q
capital goods
A
used in the production of other goods
14
Q
consumer choices- influences
A
by price, quality, features, Limited means, tastes + preference and values
15
Q
Values are…
A
Key principles/ core beliefs
