ECON TOPIC 1 - Fundamentals of Economics(100% Verified)
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Course
Econ
Institution
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...
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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