Economics may appear to be the
study of complicated tables and
charts, statistics and numbers . . .
but really, it is the study of what
makes up human behavior as we
try fulfill our needs and wants.
Scarcity ‐ when needs and wants
cannot be satisfied due to a lack
Therefore, various economic
decisions must be made about
production, distribution, and
The process of creating goods
and services with . . .
and capital resources.
the system of giving goods
throughout a community.
OR . . .
the marketing, transporting, and
selling of any item
the using up of goods and
services having an exchangeable
When we make choices about
each of these steps, we usually
give up one thing in order to
produce, distribute, or consume