Chapter 1
| Description: | Chapter 1 |
| Category: | Business |
| Created by: | stephhansen on 2009-08-21 |
| Question | Answer |
| Whats the difference between a want and a need? | Wants are what you think you can't live without, and needs are what you need to live. |
| Economic desicion-making | the process of choosing which wants, among several choices, will be satisfied. |
| Opportunity cost | The value of the next-best alternative that you did not choose. |
| Scarcity | Means not having enough resources to satisfy every need. |
| What are the six steph in the decision making process? | Define the problem, Identify the options, Evaluate the advantages and disadvantages of each option, Choose one,Put you choice into action, and overview your desicion. |
| What are the three economic questions? | What goods and services will be produced?How will |
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