Unlimited wants and Limited means (resources) creates s__________________.

The 3 basic needs are ________, __________ and ____________.

Everyone is faced with the same limited means: ____________, ________________ and ___________________

A form of income where people are paid on an hourly basis.

A form of income where people are paid on an annual basis. ie the same amount every year.

A form of income where people are paid an amount based on the amount they sell.

A form of income where people are paid a set amount for doing a service. ie a lawyers charge.

Anyone who buys a good/service

Anyone who provides a good or a service.

Something that we do for another peson, and might then charge them for it.

A physical , tangible thing that we buy.

A form of unearned income that we can receive if we own property.

A form of unearned income that we can receive if we own shares.

A form of unearned income that we can receive if we have money in the bank.

Due to scarcity, we can't have everything that we want. When we make a choice there are always options that we forgo (give up). This concept is called o___________________ c__________.

If you chose NOT to work during the school holidays in your part time job, and instead played video games all day, the opportunity costs was:

If two different people are given the same choice to make, they might choose different options based on their v___________.