Economics Basics

What are NOT one of the three basic questions of Economics?

• WHAT to Produce?

• HOW to Produce?

• For WHOM to Produce?

• WHEN to Produce?

What two things determine value?

• Good and Service

• Want and Need

• Scarcity and Utility

• Benefit and Cost

What do we call a tangible economic product that is useful, relatively scarce, and easily transferable to others?

• Economics

• Good

• Service

• Wealth

Any good that last 3 years or more when used on a regular basis.

• Non-Durable Good

• Durable Good

• Durable Service

• Non-Durable Service

The study of how people try to satisfy unlimited and competing wants through the use of scarce resources.

• Economics

• Opportunity Cost

• Opportunity Benefit

• Scarcity