Economics Flashcards
0
Q
What’s a want?
A
Want is something you’s like to have, but it’s not completely necessary.
1
Q
What’s economics?
A
The study of how individuals or groups use their scar/limited resources to attempt to fulfill their wants and needs.
2
Q
What’s a need?
A
A need is a requirement in order to sustain living.
3
Q
What’s the biggest economic problem?
A
Scarcity - A situation when having to fulfill unlimited wants with limited/scar resources.
4
Q
What’s a comsumer?
A
Someone who consumes (redeems) the product (goods and services).
5
Q
What’s a producer?
A
An individual or geoup who creates and supply goods and services for consumers.
