Topic 1 - Scarcity

a consumer's desire for a product's or service's specific benefit

the desire for products or services that are not necessary, but which consumers wish for

resources and products that people demand

activities, benefits, and satisfactions which are offered for sale or are provided in connection with the sale of goods

the demand for a good or service is greater than the availability of the good or service

the study of how people see to satisfy their needs and wants by making choices among scarce resources

running out of goods and prices go higher

combine the three factors of production to produce good and services

the effort people devote to tasks for which they are paid

any human-made resource that is used to produce other goods and services