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Intro To Buisness

Economy

QuestionAnswer
Needs Things we need to live.
Wants Things that add comfort & pleasure into our lives.
Goods Things that you can see/touch. They satisfy our material wants.
Services Wants that are satisfied through the efforts of other people or by equipment.
Economic Resources The means through which good and services are produced.
Another word for economic resources. Factors of production.
Three types of economic resources. Natural, Human, Capitol.
What are some the limited resources? Money, People, All economic resources are somewhat limited.
Scarcity Not having enough resources to satisfy all your needs.
1) Scarcity 2) ... 3) ... 2) Choices & Trade-offs. 3) Decision making process.
Trade-off When you give something up to get something.
Decision making process Process of choosing which needs and wants will be satisfied.
Steps of the process 1. Define Problem 2. Identify choices 3.Evaluate Choices 4. Choose one choice 5. Act on your choice 6. Review decision
Chart Economic resources produces... Needs & Wants Goods & Services All resources are... Limited Resources...which causes scarcity.. Which brings you to Economic decision making.
Created by: kay4811
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