Economics The Basics

commits -the- - - UNIT OCT - BASICS ONE -23- - ECONOMICS: the study try to satisfy unlimited wants with OF how people limited resources. UNLIMITED LIMITED WANTS RESOURCES SCARCITY CHOICES WHAT HOW FOR WHOM to produce to produce to produce NEEDS Food, clothing, Shelter WANTS Stuff we would like to have, but that is unnecessary For survival GOODS: items, durable or not durable, product made SERVICES work that is performed For someone