Economics

Card Set Information

Author:
bellag
ID:
261592
Filename:
Economics
Updated:
2014-02-12 02:46:26
Tags:
Economics
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Description:
Economics quiz week 3
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  1. Needs:
    Goods and Services a consumer must have in order to survive
  2. Wants:
    Goods and Services desired by a consumer but not necessary for survival
  3. Limited:
    Fixed amounts
  4. Limited Means:
    Fixed amounts of skill time and money
  5. Scarcity:
    Not enough resources (or time) to satisfy everyone's wants
  6. Choice:
    Selecting something from one or more alternatives.
  7. Opportunity cost:
    The next best opportunity give up.
  8. The "economic problem":
    (Defined) Is when there is not enough resources to satisfy everyone's needs or wants (ie scarcity) this means we need to make choices as to which wants we shall fulfill and which ones we will not
  9. Economics:
    The study of the allocation of scarce resources.

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