Ecomomics Flashcards
(4 cards)
1
Q
What is the study of economics?
A
The study of economics is how others decide to use their resources to satisfy their needs and wants.
2
Q
What is the economic problem?
A
The economic problem is scarcity.
3
Q
What is scarcity?
A
Scarcity refers to having unlimited wants and needs but limited resources.
4
Q
What are consumers?
A
Consumers are people who buy goods and use services.
