The nature of the Economic problem- Vocabulary

The nature of the Economic Problem​

​ A simple definition of "ECONOMICS"
In economics, goods are defined as items that satisfy human wants, provide utility or usefulness, and are scarce (have limited availability

ANOTHER DEFINITION
The study of how individuals and societies
make decisions about ways how to use scarce resources to fulfill people's needs and wants.​

Multiple Choice

What is the meaning of "problem"

• An unwelcome situation that needs to be solved

• Two people who agree about an decision

• A country where there are enough jobs for everyone

Multiple Select

A need is____

• Something we can live without

• Something we need for survival

• A three month holiday in Paris

• Water, Housing, Clothing, Medicine

Multiple Choice

Furniture, food, technology devices, stove and fridges, pots and pans,

• Goods

• Services

Multiple Choice

Doctors, Bus drivers, Lawyers, Dentists, Barbers, Beauty salons render a___________ at a price.

• Good

• Service