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Chapter 1

Economic Decisions and System

What is a want. A want is a thing that adds comfort and pleasure to your life.
What is a need. A need is something that is required in order to live.
Goods are things that you can? See and touch
Services are? consumed at the same time they are produced.
What is an economic resource means through wich goods and services are produced.
Natural resources are? raw materials supplied by earth
what is a human resource it is people producing goods and services
capital resources are? the products of money used in the production of goods.
trade off when you give up something else
what is scarcity not having enough resources to satsify every need
Created by: cody bock