Chpt. 1
| Description: | Needs n Wants |
| Category: | Marketing |
| Created by: | main92 on 2009-08-21 |
| Question | Answer |
| What is a need? | something you have to have and can't go without |
| What is a want? | something you would like to have but you don't need |
| What are goods? | things you can see and touch |
| What are services? | activities that are consumed at the same time they are produced |
| What are economic resources? | means through which goods and services are produced |
| What is scarcity? | means not having enough resources to satisfy every need |
| What is Economic decision-making? | the process of choosing which wants, among several options, will be satisfied. |
| What is a tradeoff? | when you give up something to have something else |
| How many steps are there in the decision-making process? | six |
| What's the first step of the decision-making process? | define the problem |
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