Chapter 1
Help!
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| 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.
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| Economic desicion-making | the process of choosing which wants, among several choices, will be satisfied.
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| Opportunity cost | The value of the next-best alternative that you did not choose.
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| Scarcity | Means not having enough resources to satisfy every need.
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| 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.
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| What are the three economic questions? | What goods and services will be produced?How will
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
stephhansen
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