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needs and wants

QuestionAnswer
What are goods Things that you cam see and touch
What are services Activities that are consumed at the same time they are produced
What are needs Things that are required in order to live
What are wants Things that add comfort and pleasure to your life
What is economic resources The 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 seceral options, will be satisfied.
What is a market economy A economy where the resources are owned and controlled by the people of the country.
What is a command economy A economy where the rescources are owned and controlled by the government.
Created by: butch6244
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