Economics Flashcards
0
Q
Goals
A
Want to accomplish
1
Q
Values
A
Standards we live by
2
Q
Needs
A
Can’t live w/o
3
Q
Wants
A
Can live w/o
4
Q
Opportunity cost
A
Value of your next best alternative
5
Q
Hopes & dreams
A
Aspire to do
6
Q
Economic System
A
Way a nation uses its resources to provide goods & services
7
Q
Production
A
Creation of g & s
8
Q
Resources
A
Raw, labor, knowledge, equipment
9
Q
Economics
A
Study of how economic systems work
10
Q
Goods
A
Something you can touch
Ex: pencil, football
11
Q
Services
A
Can’t touch
Ex: babysitter, lawn service, dry cleaner
12
Q
4 Economic ?s
A
What? How? How much? For whom?
