Intro to Econ

  The condition that exists because there are not enough resources to produce everyone's wants.

• Producer

• Economics

• Consumer

• Scarcity

The value of an alternative decision

• Opportunity Cost

• Scarcity

• Economics

• Producer

Something humans have to have in order to survive

• Scarcity

• Need

• Want

• Consumer

Something that we have, but do not need in order to survive

• Need

• Producer

• Good

• Want

Any object or product (factors of production) that is useful.

• Consumer

• Good

• Producer

• Service

An (intangible) act or use for which a consumer, firm, or government is willing to pay.

• Producer

• Want

• Service

• Good

Someone who purchases or uses a good or service

• Want

• Scarcity

• Consumer

• Producer

A person, business, or firm that makes things to be sold or used

• Need

• Good

• Producer

• Consumer

The science of CHOICES being made (usually to do with the division of wealth)

• Economics

• Producer

• Want

• Opportunity Cost