define vocab Flashcards
1
Q
define want
A
something you desire but do not need to survive
2
Q
define need
A
something a person needs to survive
3
Q
define trade off
A
when you can use a resource two different ways, but you have to give up one alternative for the other.
4
Q
define opportunity cost
A
what is given up when making a choice and risk losing potential gain
5
Q
define real costs
A
the cost of producing a good or service, and including the cost of all the resources used
6
Q
define scarcity
A
limited quantity/number of resources
7
Q
A
