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Intro To Buisness
Economy
Question | Answer |
---|---|
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. |