Econ Vocab - 1A, 1B, 1C, 1D

Front

Study of satisfying unlimited needs with scarce resources.

Back

Economics

Front

Basic survival requirement

Back

Need

Front

Something desirable but not essential.

Back

Want

Front

Unlimited wants meet limited resources.

Back

Scarcity

Front

Occurs when consumers want more than producers supply at a price.

Back

Shortage

Front

Resource alternatives require a decision.

Back

Choice

Front

Next best alternative use of money, time, or resources.

Back

Opportunity Cost

Front

Basic Economic Question: Production choice with scarce resources.

Back

What to produce?

Front

Basic Economic Question: Resource choice - How much of each resource will be used? Labor intensive due to cheap labor or capital intensive due to abundant technology?

Back

How to produce?

Front

Basic Economic Question: Allocation choice of products after production. Who receives them?

Back

For whom to produce?