Eco reveiw p1

Products that are not necessary but you do have a great desire to acquire them are?

• Wants
• Needs
• Service
• Goods

This economic concept means that are unlimited wants cannot be met by are limited resources

• Scarcity
• Economize
• Economics
• Factors of Production

Products that are necessary for survival are called?

• Needs
• Wants
• Service
• Goods

The study of how individuals make decisions with what resources they have is called�

• Economics
• Utilize
• Biology
• Producers

These things are what you need in order to produce goods or services

• Factors of Production
• Services
• Labor
• Natural Resources

Products you can hold in your hand and can be bought and sold are called�

• Goods
• Servics
• Labor
• Scarcity

A person that makes a product or performs a service is called a

• Producer
• Consumer
• Labor
• Factors of Production

Work that you do for an individual is called a

• Service
• Goods
• Labor
• PPC Schedule

This is the benefit or satisfaction received from using a good or service

• Utility
• Servie
• Goods
• Max Effiency

This is the alternative of what people give up when they make choices

• Trade off
• PPC
• Economics
• Utilize