Economics Unit 1

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Basic Economic Problem
Scarcity - there is a lack of sufficient products to fulfill the total wants of the population. Thus, choices need to be made.
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Wants
Human desires for goods and services that make life more enjoyable. They are unlimited.
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Economic Wants
Desires that can be satisfied by consuming goods or a service. People cannot have everything they want, they must choose some things and give up others.
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Needs
Requirements that are essential for life and survival (e.g. food, water, shelter)
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Resources
Items of limited availability that are used in production and business activity to make goods and services.
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Goods
Tangible products such as bread, chocolate, toys, etc.
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Other cards in this set

Card 2

Front

Wants

Back

Human desires for goods and services that make life more enjoyable. They are unlimited.

Card 3

Front

Economic Wants

Back

Preview of the front of card 3

Card 4

Front

Needs

Back

Preview of the front of card 4

Card 5

Front

Resources

Back

Preview of the front of card 5
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