Economics

Front

What is scarcity?

Back

when there is a shortage or limited amount of something

Front

What is economics?

Back

the study of buying and selling goods/services

Front

What is opportunity costs?

Back

when things are limited you have to make a decision

Front

What is consumption?

Back

the purchase and use of goods and services

Front

What is production?

Back

to create or make goods/products

Front

What is interdependence?

Back

people depend on one another for their goods and services

Front

What is income?

Back

the money you earn

Front

What is a good?

Back

something people want/need that you buy (can hold or touch)

Front

What is a service?

Back

something you pay people to do for you

Front

What are human resources?

Back

people provide: such as their skills and ideas