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Chpt. 1

Needs n Wants

QuestionAnswer
What is a need? something you have to have and can't go without
What is a want? something you would like to have but you don't need
What are goods? things you can see and touch
What are services? activities that are consumed at the same time they are produced
What are economic resources? means through which goods and services are produced
What is scarcity? means not having enough resources to satisfy every need
What is Economic decision-making? the process of choosing which wants, among several options, will be satisfied.
What is a tradeoff? when you give up something to have something else
How many steps are there in the decision-making process? six
What's the first step of the decision-making process? define the problem
Created by: main92
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