Economics Flashcards
1
Q
what kind of science is economics
A
social science
2
Q
to efficiently use the scarce resources to supply the unlimited needs of man and to achieve man’s satisfaction
A
economics
3
Q
goods with value or price
A
economic goods
4
Q
gift of mother nature
A
free goods
5
Q
free in natural form
A
free goods
6
Q
x + y = scarcity
find x and y
A
x = limited resources
y = unlimited needs and wants
7
Q
permanent condition that limits the production of goods and services
A
scarcity
8
Q
central problem of economics
A
scarcity
9
Q
free goods converted to economic goods
A
conversion
10
Q
product that is beneficial for the economy and adds a large sum to the economy
A
cash cow
