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What is an item desired but not essential to survival?
Economics Chapter 1 Vocablury
| A | B |
|---|---|
| underutilization | Using fewer resources than an economy is capable of using. |
| want | An item that we desire but that is not essential to survival. |
| capitalism | An economic system in which a county’s trade and industry are controlled by private business, rather than the government. |
What is the desire to own something and the ability to pay for it called?
The desire to own something and the ability to pay for it. Law of demand. Consumers buy more of good when its price decreases and less.
What is the most desirable alternative given up?
the opportunity cost
The most desirable alternative somebody gives up as a result of a decision is the opportunity cost.
What economics is about Chapter 1?
1 INTRODUCTION. Economics is the study of how society allocates limited resources to the production of goods and services to satisfy unlimited human wants. There are two main branches of economics: microeconomics and macroeconomics. Microeconomics deals with the analysis of individual parts of the economy.
What is something essential for survival?
There are eight minimal physiological requirements for survival. These are: air, water, food, shelter, sanitation, sleep, space, and touch.
What are 2 goods that are bought and used together?
Definition – Supplementary goods are two goods that are used together.
How people satisfy their needs and wants by making choices?
Economics is the study of how people seek to satisfy their needs and wants by making choices. Economics is about solving the problem of scarcity. All goods and services we produce are scarce. Scarcity implies quantities of resources to meet unlimited wants.
Why are goods and services we produce scarce?
All goods and services we produce are scarce. Scarcity implies quantities of resources to meet unlimited wants. Scarcity always exists because our needs and wants are always greater than our resource supply. All resources are scarce because the land, labor, and capitol used to create them are scarce.