Economic Basics test prep

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What does 'Economic Systems' describe?

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Economic Systems describe the methods and principles by which goods and services are produced, distributed, and consumed in a society.

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What are 'Needs' in economic terms?

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'Needs' in economic terms refer to the basic requirements that individuals must satisfy to maintain a minimum standard of living. These include essential goods and services such as food, clothing, shelter, and healthcare.

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What are 'Wants' in economic terms?

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Wants in economic terms refer to the desires or needs of individuals that are not essential for survival but enhance the quality of life. They are the goods and services that people wish to have, which can vary widely among different individuals and cultures.

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Which of the following is a factor of production? Land, Water, Air, Sunlight

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Land

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What is 'Goods' in economic terms?

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Goods are tangible products that can be bought and sold in the market.

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What is 'Services' in economic terms?

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Services refer to the intangible economic activities that provide value to consumers, such as healthcare, education, and entertainment, as opposed to tangible goods.

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What does 'Tangible' mean?

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Tangible refers to something that can be perceived by touch; it is something that is real and concrete, rather than abstract.

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'Intangible' means?

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Intangible refers to something that cannot be touched or physically measured, often relating to concepts, ideas, or qualities that are not material.

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What is 'Scarcity' in economic terms?

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Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It implies that there are not enough resources to satisfy all human wants and needs.

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What are 'Opportunity Costs'?

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The cost of the next best alternative foregone