Vocab Flashcards
0
Q
Wants
A
Things we would like to have
Ex:
Entertainment
Vacations
Other items
1
Q
Needs
A
Things that are required for survival
Ex:
Food
Clothing
Shelter
2
Q
Economics
A
The study of how we make decisions in a world in which resources are limited.
3
Q
Microeconomics
A
Economists look at the small picture- behavior and decision making of small units such as individuals and businesses
4
Q
Macroeconomics
A
Looks at the big picture- the economy as a whole and decision making by large units such as governments or whole industries or societies.
5
Q
Economic system
A
Way of producing the things it’s people wants and needs
6
Q
Resources
A
The things used in making goods and providing services
7
Q
Scarcity
A
When we do not have enough resources to produce all the things people would like to have.
