Econ: Chapter 1

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  1. Scarcity
    the condition that arises because the available resources are insufficient to satisfy wants
  2. Economics:
    the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile our choices.
  3. Two big economic questions:
    • how choices determine what, how and for whom?
    • When do choices made in self-interest also promote social interest?
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61561
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Econ: Chapter 1
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Microeconomics: Module 1: Chapter 1
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