Front

Definition: the study of how people satisfy needs and wants through choices.

Back

Economics

Front

Essential for survival: air, food, shelter

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Need

Front

An item we desire but is not essential for survival.

Back

Wants

Front

Physical objects like clothes or shoes

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Goods

Front

Actions one person performs for another

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Services

Front

Limited resources vs. unlimited wants

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Scarcity

Front

A situation where a good/service is unavailable or demand exceeds supply, usually temporary.

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Shortage

Front

land, labor, capital, entrepreneurship

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Factors of Production

Front

Natural resources used to make goods and services

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Land

Front

Effort devoted to a paid task

Back

Labor