Sciences Economiques Flashcards
(10 cards)
What is the ultimate goal of economics?
To improve well-being (of individuals and society as a whole).
What is the main objective of economic science?
To think about how to optimally allocate scarce resources to enhance well-being.
What types of resources are considered in economics?
Natural resources, human resources, and financial resources.
How does Robbins define economics?
“The science that studies human behavior as a relationship between ends and scarce means with alternative uses.”
What are “scarce means” in economics?
Different types of resources like natural, human, and financial resources that have limited availability.
What are “ends” in economics?
The needs and expectations of individuals.
What is the significance of “alternative uses” in Robbins’ definition?
It means resources can be substituted, such as using solar energy instead of wind energy for electricity.
What does economic science study, according to the definition?
The choices and actions humans take to obtain scarce resources to meet unlimited needs.
What postulate does economics assume about human needs?
Human needs are unlimited.
Why are resources considered “scarce” in economics?
Because they are limited and cannot meet all human needs simultaneously.
