Economics and Scarcity Concepts

Front

The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Back

Economy

Front

If a country is debating whether to produce more cars or food, they are asking the economic question of "_____ to produce"

Back

What

Front

Cost of the NEXT BEST alternative use of money, time, or resources when one choice is made rather than another due to scarcity

Back

Opportunity Cost

Front

The study of the choices people make when faced with scarcity

Back

Economics

Front

The condition that results from society not having enough resources to produce all the things people would like to have.

Back

Scarcity

Front

A like or desire for a good or product

Back

Want

Front

A good/resources vital for your survival

Back

Need

Front

Worth that is expressed in dollars and cents

Back

Value

Front

A haircut would be an example of a what?

Back

Service

Front

All of the alternative choices in an economic decision

Back

Trade-off