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ECON TOPIC 1 - Fundamentals of Economics(100% Verified) $10.79   Add to cart

Exam (elaborations)

ECON TOPIC 1 - Fundamentals of Economics(100% Verified)

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  • Course
  • Econ
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  • Econ

need correct answers something like air, food, or shelter that is necessary for survival want correct answers an item that we desire but that is not essential to survival economics correct answers the study of how people seek to satisfy their needs and wants by making choices goods correct...

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  • September 19, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ
  • Econ
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sh3rrymagdah
ECON TOPIC 1 - Fundamentals of Economics(100%
Verified)
need correct answers something like air, food, or shelter that is necessary for survival


want correct answers an item that we desire but that is not essential to survival


economics correct answers the study of how people seek to satisfy their needs and wants by making
choices


goods correct answers physical objects such as clothes or shoes


services correct answers actions or activities that one person performs for another


scarcity correct answers limited quantities of resources to meet unlimited wants


shortage correct answers occurs when consumers want more of a good or service than producers are
willing to make available at a particular price


factors of production correct answers the three groups of resources that are used to make all goods and
services


land correct answers natural resources that are used to make goods and services


labor correct answers the effort that people devote to a task for which they are paid


capital correct answers any human-made resource that is used to create other goods and services


physical capital correct answers all human-made goods that are used to produce other goods and services
(tools and buildings) AKA *capital goods*

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