click below
click below
Normal Size Small Size show me how
Economics 1.1 Vocab
6-7 words
Term | Definition |
---|---|
economics | the study of how people seek to satisfy their needs & wants by making choices |
scarcity | the fact that limited amounts of goods & services are available to meet unlimited wants |
shortage | when there are not enough of a good or service to meet the demand |
need | something essential for survival |
want | something we desire but is not critical for survival |
goods | physical objects that someone produces |
services | actions one person performs for another |