SS9-INTRO TO ECO, NEEDS AND WANTS

It is a science which studies how individuals and society generally make choices that involve the use of scarce resources from among alternative wants that need to be satisfied.

• Benefits 

• Choices

•    Economics      

•   Trade-off

It refers to the fact that society has limited resources and therefore some goods and services that people want cannot be produced. 

• Benefits 

• Cost

•    Economics      

•  Scarcity

What is forgone or sacrificed in every economic decision made?

• Benefits

• Economics

• Shortage

• Opportunity Cost

These are things that make life more convenient or that give happiness or prestige. 

• Benefits

• Choices

• Wants

• Needs

These are commodities necessary for survival.

• Benefits

• Choices

• Needs

• Wants

It is the gain from choices.

• Benefits

• Cost

• Individual Choice

• Social Choice

It is a decision made by people acting separately from one another.

• Benefit

• Cost

• Individual Choice

• Social Choice

It is the exchange of one thing for another or more.

• Benefits

• Cost

• Opportunity Cost

• Trade Off

It is the lack of supply of goods caused by the negative strategies of some of the individuals.

• Benefits

• Cost

• Shortage

• Opportunity Cost

It is a decision made by the government to satisfy the needs of the society. 

• Benefits

• Cost

• Individual Choice

• Social Choice