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Chpt1

needs and wants

QuestionAnswer
What is a need? Something that is required in order to live.
What is a want? Something that adds comfort and plseasure to your life.
What are goods? Things you and see and touch. Products your you can buy.
What are activities that are consumed at the same time they are produced Services.
What are economic resources? are the means through which goods and services are produced.
What is economic decision-making? is the process of choosing which wants will be satisfied.
What is the decision-making process? define the problem, identify the choices, evaluate the advantages and disavantages, choose one, act on it and review your decision.
Created by: Sammy12
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