Flashcard Set Preview
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| 1 |
what is economics
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the study of how people make choices from limited resources (because of scarcity) to meet their...
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| 2 |
what is scarcity
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the condition of not being able to have all the goods and services that we went.
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what is choice
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what someone must make when faced with two or more alternative
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what is need
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something we have in order to survive
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what is want
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something we would like to have, but is not necessary for survival
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what is goods
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objects that can beheld or touched that can satify people's want
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