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    Economics

    Uploaded by

    NuclearKitten

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    © All Rights Reserved
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    of 1

    Econ Chapter 1: What is Economics?

    - Notes

    Economics - Choices
    All about what we have and what we don’t

    Unlimited
     Needs - Something essential for survival (food, water, shelter, medical care)
     Wants - Something that people desire but that is not necessary for survival (video
    games, cars, clothing)

    Limited
     Goods - the physical objects that someone produces (Inuit pie, desk, phone, computer,
    DVD, pencil)
     Services - the actions or activities that one person performs for another (massage, oil
    change, mowing)

    US is 70-75% service oriented 

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