Economics 1

Front

the study of how individuals and societies satisfy their unlimited wants with limited resources

Back

Economics

Front

things that are necessary for survival

Back

Needs

Front

the branch of knowledge concerned with the production, consumption, and transfer of wealth

Back

Economics

Front

the limited nature of society's resources

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Scarcity

Front

items or services that are not essential for survival but we desire or wish for

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Wants

Front

What is the relationship between wants and needs?

Back

In economics, needs are things that are essential for human survival, while wants are things we may desire.

Front

the alternative people give up when they make choices

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trade-off

Front

methods used to encourage people to take certain actions

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incentives

Front

the value of something that is given up to get something else that is wanted

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opportunity cost

Front

to make decisions according to the best combination of costs and benefits

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economize