ECONOMICS 101 choices Economics is the study of

ECONOMICS 101 choices Economics is the study of _____ consumers _____, producers and the _____). government (as they pertain to _____, Every nation has productive resources People’s effort, skills, and knowledge capital _________ Man-made resources used over and over which are used to produce goods and services bartered purchased to be _________ or _________ with money (savings). intermediate Resources from the earth, unaltered by man human __________________ Goods used in production to become part of a product natural _________

however Productive resources, and therefore, goods and services, are limited Human wants (needs) are basically unlimited resulting in SCARCITY Consequently, buyers (consumers) and sellers (producers) have to make choices economic _________ (resulting in when answering three basic economic questions What goods and ______ services will be produced? How will the goods and ______ services be produced? To whom _______ will the goods and services be distributed? Answering these questions most efficiently creates the need for command______ economy ______ Government answers ? ’s market economy ___________ Buyers and sellers answer ? ’s opportunity cost __________________) specialization interdependence resulting in trade. __________ and __________ decision making scarcity Economics: ______ - _____ under ______.