needs- wants OC

Question 1

goods

Answer 1

Things we can physically touch (cars, food, products)

Question 2

services

Answer 2

Cannot be touched, Intangible (websites, knowledge

Question 3

needs

Answer 3

Goods or services that are essential for living. These can be things such as water, basic food, and clothing.

Question 4

wants

Answer 4

Goods and services that people would like to have but are not essential for living. For example, brand-name clothing, expensive food, and luxury cars. Wants are unlimited

Question 5

Opportunity Cost

Answer 5

A benefit/value that must be given up to achieve something else. For example, if a bakery spends money on a new oven, the opportunity cost of the oven could be a new refrigerator to store cakes. A loss of all other alternatives when one is chosen

Question 6

Scarcity (The economic problem)

Answer 6

Unlimited wants but not enough products. he cause of scarcity is there aren’t enough factors of production.
Scarcity= unlimited wants + limited resources.