Lesson#1 Section 1: The Basic Economic Problem Chapter#1: The nature of the economic problem Needs: The basic human requirements needed in order to live a life Wants: The desires possessions that go beyond basic needs Scarcity: It is the problem of limited resources available to meet the unlimited wants The Study of Economics Goods: Items that satisfy human needs and wants Economic Good: Resources are used to produce these goods (Non-Renewable goods) Free Goods: No resources are required to produce these goods (Renewable goods)
