Demand

Scarcity = L______ R________

Opportunity Cost = The next B___ A__________

Needs and wants

• Needs are things individuals must have to sustain life Wants are those things individuals would like to have but are not necessary to survive
• Needs aren't things individuals must have to sustain life Wants are those things individuals would like to have but are not necessary to survive
• Needs are things individuals must have to sustain life Wants aren't those things individuals would like to have but are not necessary to survive
• Wants are things individuals must have to sustain life Needs are those things individuals would like to have but are not necessary to survive

Examples of Needs

• Clothes
• Water
• Phones
• Cars

Examples of Wants

• Clothes
• Water
• Phones
• Cars

The basis of economics is how individuals and society try to satisfy (a) wants using (b) resources.

• (a) Limited (b) Excess
• (a) Unlimited (b) Scarce
• (a) Fancy (b) Constrained
• (a) Essential (b) Feasible

Examples of Limited Means

• time
• skills
• knowledge
• money

A choice is a (a) between (b) that results from the condition of (c).

• (a) decision (b) alternatives (c) scarcity
• (a) feeling (b) options (c) scarcity
• (a) decision (b) profitable options (c) commercialism
• (a) hypothesis (b) alternatives (c) agency

Services are I__________

Goods (commodities) are o______ that have a physical presence