Intro to Econ

The study of how people make choices to satisfy the needs and wants of a society or individual.

• Civics

• Economics

• Anthropology

• Sociology

Things that are necessary for survival.

• Wants

• Goods

• Services

• Needs

Things that are desired but are not necessary for survival

• Wants

• Goods

• Services

• Needs

The basic economic problem that must be answered is how to manage these.

• Shortages

• Wants

• Needs

• Scarcities

Limited quantities of resources to meet unlimited wants are known as what?

• Shortages

• Needs

• Services

• Scarcities

Man made unavailability's of a product that eventually end are known as what?

• Scarcities

• Needs

• Shortages

• Services

By overusing the things that are limited we create these.

• Scarcities

• Shortages

• Wants

• Needs

What are the 3 types of Resources?

• Natural, Capital, Labor

• Open, Scarce, Enterprise

• Land, Labor, Enterprise

• Natural, Human, Capital

Resources that are provided by nature for use in production are what?

• Capital

• Labor

• Natural

• Human

Resources that refer to a workers availability, skill level, and education level are what?

• Labor

• Capital

• Natural

• Human