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Business > Needs and Wants > Flashcards

Needs and Wants Flashcards

0
Q

What are wants?

A

Infinite, something unnecessary to survival

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1
Q

What are the 5 basic needs?

A 
Food
Water 
Shelter
Clothing
Warmth
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2
Q

What is the economic problem of wants?

A

Unlimited wants + limited resources leads to scarcity

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3
Q

What are needs?

A

Something essential to survival

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4
Q

What is the opportunity cost?

A

The cost of the next best alternative sacrificed

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