econ personial finance

The study of how individuals and nations make choices about ways to use scare resources to satisfy their needs and wants?

• economics

• needs

• wants

• economic products

Needs are those things that are necessary for basic living?

• Needs

• wants

• economic products

• value

Wants are those things you would like to have

• wants

• economic products

• value

• utility

A good-is a useful, tangible item, such as a book, a car, or a cellphone

• economic products

• value

• utility

• economic resources

Most goods and services have something called value a term that refers to how much something is worth expressed

• value

• utility

• economic resources

• scarcity

For something to have value, it must have utility or the capaeity to be useful and provide satisfaction

• utility

• economic resources scarcity

• economics

• needs

An individuals economic resources are their skills, effort, land, or capital, which can provide them with income

• economic resources

• scarcity

• economics

• needs

Scarcity is a shortage of resources that results in the inability to satisfy all wants at the same time

• scarcity

• economics

• needs

• wants