Unit 6 Economics End of Unit Consolidation Flashcard

Front

Economics

Back

Study of managing scarce resources

Front

Gap between limited resources and unlimited wants.

Back

Scarcity

Front

Scarcity occurs when unlimited needs/wants exceed limited resources.

Back

Scarcity: Unlimited needs/wants > Limited resources

Front

Causes of scarcity

Back

Limited resources & unlimited wants

Front

Essential items for survival.

Back

needs

Front

Items a person can live without.

Back

wants

Front

Want or Need?

Back

Need

Front

Want or Need?

Back

Want

Front

Want or Need?

Back

Want

Front

Want or Need?

Back

Want