The nature and purpose of economic activity Flashcards by Christopher White | Brainscape

Q

What is the basic economic problem?

A

There are not enough resources on earth to satisfy humans’ unlimited wants and needs.

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Q

What are needs?

A

things people can’t live without (e.g. water).

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Q

What are wants?

A

things people can live without but desire (e.g. smartphones).

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