1. Economics

2. the branch of social science that deals with the production and distribution and consumption of goods and services and their management. The study of the choices individuals, groups, and businesses make in buying and selling goods or services.

3. Economics Examples? Personal Family School City State Country World

4. Resource

5. The total means available for economic and political development, such as mineral wealth, labor force, and armaments. The total means available to a company for increasing production or profit, including plant, labor, and raw material; assets.

6. Resource Examples?

7. Goods

8. merchandise - commodity - property - ware

9. Goods Examples?

10. Services

11. The action of helping or doing work for someone

12. Service Examples?

13. Tangible Goods Things a person can touch.

14. Tangible Goods Examples?

15. Intangible Goods Things a person cannot touch…Often people providing a service are also providing an intangible good.

16. Intangible Goods Examples?

17. Quantity The amount of something

18. Needs Goods or services a person requires to survive.

19. Needs Examples?

20. Wants Goods or services that are not essential to survival

21. Wants Examples?

22. Scarcity

23. Scarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be pursued at the same time

24. Scarcity Examples?

25. Choice

26. Scarcity requires choice. People must choose which of their desires they will satisfy and which they will leave unsatisfied. When we, either as individuals or as a society, choose more of something, scarcity forces us to take less of something else. Economics is sometimes called the study of scarcity because economic activity would not exist if scarcity did not force people to make choices.

27. Choice Examples?

28. Opportunity Cost

29. The loss of potential gain from other alternatives when one alternative is chosen. Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices

30. Opportunity Cost Examples?

31. Trade-Off

32. An exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable. an exchange that occurs as a compromise; "I faced a tradeoff between eating and buying my medicine“ a giving up of one thing in return for another.

33. What are the 3 Basic Economic Questions? What is to be produced? How will it be produced? For whom will it be produced?