Transcription of Basic Economic Concepts - Denton ISD
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Basic Economic ConceptsBasic Economic Vocabulary Needsare Necessitiesfor survival Wantsare Ways of expressing needs and/or goods and services consumed beyond what is necessary for survival. Goodsare physical objects that can be purchased Servicesare actions or activities performed for a fee Economicsis the study of scarcity and choice. We have limited resources and unlimited needs and wants. Every economics issue involves personal choice. Scarcity: there is not enough of it available to satisfy the way a society wants to use it. This leads us to making choices. Opportunity Cost is what is sacrificed when one choice is made over the next best alternative Every decision has an opportunity costOpportunity Cost to every decision!
Basic Economic Vocabulary • Needs are Necessitiesfor survival • Wants are Ways of expressing needs and/or goods and services consumed beyond what is necessary for survival. • Goods are physical objects that can be purchased • Services are actions or activities performed for a fee
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