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3 Cards in this Set

  • Front
  • Back

Definition of Economics

The1 academic 2discipline of the social 3science dealing with the 4allocation of 5scarce resources for 6human development and needs

Definition of economics broken down


The academic discipline of the social science dealing with the allocation of scarce resources for human development and needs



Scarce v. Limited resources

1. Won't prepare you for a job; meant for analyizing and learning


2. ? (Find out)


3. Measurement and catagorization


4. Who, what, where, when of resources


5. Scarce resources


-a)Resources-anything that exists and can be


-used


-b)Scarce Resources-Resources that are limited


-enought that not everyone can get all they want


-at no cost


-c) Limited v Scarce


--Item can be limited without be scarce


--Ex) air is limited (limited supply), but not scarce --(we can get all we want without worrying of ---


--limited supply)


6. Human development-only concerned with human development and not other development

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