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Chapter 1

QuestionAnswer
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.
Economic desicion-making the process of choosing which wants, among several choices, will be satisfied.
Opportunity cost The value of the next-best alternative that you did not choose.
Scarcity Means not having enough resources to satisfy every need.
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.
What are the three economic questions? What goods and services will be produced?How will
Created by: stephhansen
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