Economics - chapter one

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Resources
Inputs available for the production of goods and services
1 of 5
Wants
Needs that are not always realised
2 of 5
scarcity
a situation in which wants and need are in excess of the resources available.
3 of 5
Fundamental econimic problem
scarce resources relative the unlimited wants
4 of 5
Factors of production
Anything that w
5 of 5

Other cards in this set

Card 2

Front

Wants

Back

Needs that are not always realised

Card 3

Front

scarcity

Back

Preview of the front of card 3

Card 4

Front

Fundamental econimic problem

Back

Preview of the front of card 4

Card 5

Front

Factors of production

Back

Preview of the front of card 5

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