Economics Flashcards
1
Q
Economics
A
The study of scarce resources and how best to use them to supply the gods and services that people need and want
2
Q
Needs & Wants
A
A need is something that is required to live (food / clothing / shelter ) Needs are limited.
Anything else is a want. Wants are unlimited.
3
Q
Resources
A
All resources are scarce. That is, there are less of them than is needed to satisfy all needs and wants.
4
Q
Choice
A
Because resources are scarce, choices have to be made about how they will be used.
5
Q
Market
A
A place where goods and services are bought and sold.
