When society lacks resources to meet all wants.
Economics Ch. 1 Vocab Flashcard

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Other
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9th - 12th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
Scarcity
2.
FLASHCARD QUESTION
Front
Study of satisfying unlimited needs and wants.
Back
Economics
3.
FLASHCARD QUESTION
Front
Basic requirement for survival
Back
Need
4.
FLASHCARD QUESTION
Front
Something desirable but not essential for survival.
Back
Want
5.
FLASHCARD QUESTION
Front
Tangible economic product that satisfies wants and needs.
Back
Good
6.
FLASHCARD QUESTION
Front
Work or labor performed by someone.
Back
Service
7.
FLASHCARD QUESTION
Front
A good that lasts 3+ years with regular use (e.g., a car).
Back
Durable Good
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