Chapter 1 Test Review

Front

What are Needs?

Back

Things that are required in order to live.

Front

What are Wants?

Back

Things that add comfort and pleasure to your life.

Front

What are Goods?

Back

Things you can see and touch; they are products you can purchase to meet your wants and needs.

Front

What are Services?

Back

Activities provided for the satisfaction of others that are consumed at the same time they are produced.

Front

What are Economic Resources?

Back

Things available to be used to produce goods and services.

Front

What is Scarcity?

Back

Not having enough resources to satisfy every need.

Front

What is Economic Decision Making?

Back

The process of choosing which needs and wants will be satisfied.

Front

What is a Trade-Off?

Back

What you make when you give something up to have something else.

Front

What is Opportunity Cost?

Back

The value of the next-best alternative that you were not able to choose.

Front

What is an Economic System?

Back

The method a country uses to answer the three economic questions.