Term
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Definition
| The study of how people try to satisfy what appears to be a seemingly unlimited and competing wants through the use of relatively scarce sources. |
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Term
| Condition that results from society not having enough resources to produce all the things people would like to have. |
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Definition
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Term
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Definition
| basic requirement for survival. |
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Term
| _____ are greater than ______. |
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Definition
| Wants are greater than needs. |
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Term
| A way of expressing a need. |
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Definition
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Term
| Because there are limited resources... |
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Definition
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Term
| When something is "free", that usually means.. |
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Definition
| prices are increased in another area. |
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Term
| Three basic questions producers ask themselves. |
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Definition
1. What to produce?
2. How to produce it?
3. For whom are you going to produce it? |
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Term
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Definition
1. Resources
2. Capital
3. Labor
4. Entrepeneurs |
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Term
| The factor of production 'capital' includes... |
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Definition
| Tools, equipment, machines, and factories. (The result of previous productions.) |
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Term
| The four elements to the study of economics are... |
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Definition
1. Description
2. Analysis
3. Explanation
4. Prediction |
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