BEA Flashcards
Scarcity
The economic problem of being unable to satisfy unlimited needs and wants with limited resources.
Oppurtunity cost
The next best alternative after the first original option.
Means
Time, skills, money
Service
An activity that is scare and valued by people and businesses.
Wants
Something that you desire but dont need in order to survive.
Skills
Talents or abilitys people may have
Good
An object that is scare and valued by people and businesses
Economics
Rational management of scare resources to best satify societys unlimited needs and wants.
Needs
Something that is essential for survival.
Choice
Making a selection from various choices
Barter
The exchange of goods and services you own for ones you need or want.
Koha
A gift you give to someone when it is not expected.
Medium of exchange
Money is used to facilitate the buying and selling of goods and services
Legal tender
Medium of exchange a government supports for its nation.
Cryptocurrency
A digital currency that uses cryptography as security.
