Key Terms pg3 Flashcards
1
Q
Economies
A
study of how people seek to satisfy needs and wants by making choices
2
Q
needs
A
necessity for survival
3
Q
wants
A
desired but not essential
4
Q
scarcity
A
limited quantities of resources
5
Q
shortage
A
when a good or service is temporarily unavailable
6
Q
goods
A
tangible/physical objects
7
Q
services
A
actions performed for a fee
