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6 Cards in this Set
- Front
- Back
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Economic Wants
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Desires that can be satisfied by consuming goods and/or services; good are things that people make or grow that satisfy economic wants.
Examples: hunger, safety, good health, entertainment, and transportation |
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Opportunity
Cost |
What is given up or lost when one option is chosen over the next best option:
"Opportunity cost is opportunity lost" Example: Pritha gave up time at the pool to make money walking dogs. |
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Economic
Resources |
Things that can be used to produce a good or service
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Human
Resources |
People doing physical or mental work to produce goods or services
Examples: farmers, carpenters, teachers -- each with special skills, knowledge and experience |
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Natural Resources
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Gifts of nature that can be used to produce goods or services
Examples: sunshine, water, soil, plants, animals |
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Capital
Resources |
Things made by people and used to produce other goods and services.
Examples: tools, roads, bridges |
