Economic

Basic economic problem

• Economy

• Demand

• scarcity

Desires that can be satisfied by consuming g/s

• Want

• Needs

Things that are necessary to survive

• Needs

• Wants

Wants are unlimited/ resources are unlimited

• True

• False

This exist when there isn’t enough resources

• Elastic

• pollution

• scarcity

• variable

Scarcity affects everyone

• True

• False

Macro Econ questions

• What will be produced

• How it’s produced

• Where it’s produced

• Whom it’s produced by

4 factors of production

• Land

• Labor

• Capital

• Entrepreneurship

Benefits offered so people act a certain way

• Incentives

• Bonus

• Laws

Benefit of satisfaction gained from the use of

g/s

• Labor

• Utility

• Efficiency

• Statictics