Card Set Information
Economics quiz week 3
Goods and Services a consumer
must have in order to survive
Goods and Services
desired by a consumer but not necessary for survival
amounts of skill time and money
Not enough resources
to satisfy everyone's wants
Selecting something from one or more alternatives.
The next best opportunity give up.
The "economic problem":
(Defined) Is when there is
not enough resources
satisfy everyone's needs or wants
) this means we need to make choices as to which wants we shall fulfill and which ones we will not
The study of the
allocation of scarce resources.