Basics of Economics

Goods and services that are useful, relatively scarce, and transferable to others are

Wants are not necessary for survival

Durable goods last 2.5 years

When there are not enough resources, who gets the existing supply

Manufactured goods are used to produce other goods and services

With greater supply, prices will be higher

When something is intangible

A specific situation in which the demand for an item is greater than the supply

The value of something that is given up to get something else that is wanted

When we choose one option, we are choosing

The alternative you face if you decide to do one thing rather than another

Economics is?

In deciding to use mass production machines or factory workers, we are deciding

When there is an abundance of something, it is scarce.

The gap between limited resources and limitless wants

Greater demand -> greater productivity -> greater supply

Is face by everyone because of the amount of resources.

Unlimited desires

     The question, “How many of each are necessary?” helps to answer the question of…..

People with one good or service trades with another person with a different good or service