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Introduction to econ

Introduction to economics

QuestionAnswer
What is economics It is a social science
What is a need A need is essential to our survival, .eg. food, drink etc..
What is a want A want is not essential to our survival, such as phone, car etc..
Opportunity cost Opportunity cost is something you give up in order to get a different product. E.g. if you can choose between tea and coffee and you choose tea, coffee is your opportunity cost
Income People work so they can earn an income, this is their wage that they get for working
Wealth The total value of assets owned by an individual
Created by: rosscallaghan