ecconomics term 1 Flashcards
key facts (11 cards)
definition of needs
they are a must for life to continue
defintion of wants
disired to provide sadisfaction, but not nessisary to survive.
Opportunity Cost
Each time a choice is made there is something given up
Economics is the study of
choices
Who are the 3 key stakeholders in the economy
Consumer
Business
Government
Define the term Opportunity Cost and use an example to support your definition
the cost of the next best alternative when making a choice
consumers
perwon or groups who are the final users of goods and services
the 4 key catagories
- land
- laybor
- enterprise
- capital
produsers
indeviduals and bussnesses who are involved in the production of goods and servecs.
laybor
human skillsand effeort required to produce the goods and serveces
market mechanism
the means by which dissisions of consumers adn producers interact determin teh allocation of resorces.
