Basic Economic Concepts

Front

Basic Economic Problem

Back

Match limited resources to unlimited wants and needs

Front

Scarcity

Back

Not having enough resources to satisfy every need

Front

Goods

Back

Physical products

Front

Services

Back

Activities that are consumed at the same time that they are produced

Front

Private Enterprise

Back

Based on the independent decisions of businesses and consumers, with limited regulation from the government.

Front

Value

Back

Individual view of the worth of a product or service

Front

Consumer

Back

Individuals who purchase products and services

Front

Producer

Back

Individuals or businesses that use their resources to develop products and services

Front

Economic System

Back

What a business uses to answer the 3 economic questions

Front

Needs

Back

Required to live