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1. d. basic economic terminology
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1. d. basic economic terminology

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  • 1. Basic Economic Terminology WANTS: _____________________________________________________________________________________ _________________________________________________________________________________________________ NEEDS: ______________________________________________________________________________________ _________________________________________________________________________________________________ GOODS: ______________________________________________________________________________________ _________________________________________________________________________________________________ SERVICES: ___________________________________________________________________________________ _________________________________________________________________________________________________ RESOURCES _________________________________________________________________________________ _________________________________________________________________________________________________ SCARCITY: __________________________________________________________________________________ _________________________________________________________________________________________________ ECONOMIC GOODS: ________________________________________________________________________ _________________________________________________________________________________________________ FREE GOODS: _______________________________________________________________________________ _________________________________________________________________________________________________ OPPORTUNITY COST: ____________________________________________________________________ _________________________________________________________________________________________________ PRODUCTION POSSIBIITY CURVE (FRONTIER) (PPC or PPF)______________________ _________________________________________________________________________________________________