Basic Economics Concepts

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Economics

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The study of how people make choices about ways to use limited resources to fulfill their wants.

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Need

Back

Something that is required for basic survival.

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Want

Back

Something that is desired but not required. How a person chooses to meet their need.

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Scarcity

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Limited quantities to meet unlimited desires.

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Land

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Natural resources.

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Labor

Back

Effort for which a person is paid.

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Capital

Back

Tool that can be used to create other goods or services.

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Entrepreneur

Back

A person who runs a business.

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Economic Growth

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This can be seen when the production possibilities frontier is pushed out.

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Three Basic Questions

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What to make? How to make it? Who to make it for?