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Wants vs Needs

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Joshua Rangel

on 13 February 2015

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Transcript of Wants vs Needs

Opportunity Costs
the loss of potential gain from other alternatives when one alternative is chosen.
Wants vs Needs
A need is something you have to have, something you can't do without. A good example is food. If you don't eat, you won't survive for long. Many people have gone days without eating, but they eventually ate a lot of food. You might not need a whole lot of food, but you do need to eat.

A want is something you would like to have. It is not absolutely necessary, but it would be a good thing to have. A good example is music. Now, some people might argue that music is a need because they think they can't do without it. But you don't need music to survive. You do need to eat.
Natural Resources
materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
Capital Resources
Capital resources are goods produced and used to make other goods and services. Basic categories of capital resources include tools, equipment, buildings, and machinery.

Human Resources
the personnel of a business or organization, especially when regarded as a significant asset.
Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs.
Economics Picture Book
These pictures represent wants vs needs by showing what is essential for ones benefit and what is not
These pictires represent scarcity by showing something that is in low supply or limited supply like natural resources.
These pictures represent natural resources by showing what comes from the earth
These pictures represent human resouces by showing the products/factors of a successful HR
These pictures represent scarcity by showing the lack of resources based on humkan desire
These pictures represent capital resources by showing what is used to buy it and what it is
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
These pictures represent entrepreneurs by showing what it is and what it does
the branch of knowledge concerned with the production, consumption, and transfer of wealth
These pictures represent economics by showing what it means and its importance in the world. Economics exists in any part of the civilized world.
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