Economics Chapter 1, Section 1

These are desires that can be satisfied by consuming a good or service; AKA things that you can live without.

Work that one person does for another

A person who buys or uses goods or services.

The study of how individuals and societies satisfy their unlimited wants with limited resources is known as

Scarcity affects:

The situation that exists because wants are unlimited and resources are limited is called

Scarcity, then, affects which goods are made and which services are provided.

Objects, such as food, clothing, and furniture, that can be bought.

Things such as food, clothing, and shelter, that are necessary for survival.

A maker of goods or provider of services.

All of the Following are Factors of Production Except