Recap

Key points from the chapter:

• Our wants are unlimited, but the resources used to produce the goods that satisfy them are limited and scarce. Scarcity is the root of all economic problems.
• Resources have alternative uses, which is why society faces a problem of choice.
• The purchase of goods by consumers to satisfy their needs is Consumption.
• The manufacture of goods by producers for the market is Production.
• The division of national income into wages, profits, rents, and interest is Distribution.
• Statistics finds economic relationships using data and verifies them. …