Basic Economics

2. will you determine if something is a want or a need, Need is something for survival a want is something that u just think you need
5. are the 3 basic economic questions, What , how, whom to produce
9. labor
11. The branch of knowledge concerned with the production
15. ,study of decision made by people and business regarding
16. ,Resources are limited wants
17. Statements, Descriptive and clearly statements
18. event lead to capitalism , The wage and hour strike

1. Satisfy humans wants and provide utility
3. Cost, potential benefits
4. Is a branch that deals with the how the economy is full on large scale
6. seller to buyer
7. Its something someone gives for something else in return
8. Paribus ,All else being equal
10. Statements ,situation is desirable or undesirable to something
12. a capitalist economy, who owns the factors of production? A command economy also ignores the custom that guides a traditional economy
13. then the us economy didnt have a pure caplalist economy because , They wanted every thing to go smooth and not create a monarchy
14. will Scarcity always exist, Humans want for goods and services exceed the available supply
18. is efficiency important to an economy, To keep it stable