term1 Definition1term2 Definition2term3 Definition3
Please sign in to your Google account to access your documents:
Oikos- Household
Nomos- Management
Economics is from the greek word?
Economics
Wise production and use of wealth to meet the demands or needs of the people
Paul Samuelson (Economics)
The study of how people and society end up choosing, with or without use of money, to employ scarce resources that could have alternative uses to produce various commodities among various persons and group in society
Roger Le Roy Miller (Economics, Today and Tomorrow)
Economics concerns situations in which choices must be made about how to use limited resources , when to use them and for what purpose. Resources can be defined as the things people use to make the commodities they want
Hall and Loeberman (Macroeconomics: Principles and Application)
The study of choice under the condition of scarcity
Bernardo Villegas (Guide to Economics for Filipinos)
A social science that studies and seeks to allocate scarce human and non-human resources among alternatives in order to satisfy unlimited human wants and desire
Gerardo Sicat (Economics)
A scientific study ehich deals with how individuals and society makes choices
Study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the indicidual members of a given society
Scarcity
A situation wherein the amount of something available is insufficient to satisfy the desire for it.
Resources
The labor, capital, land and natural resources and entrepreneurship that used to produce goods and services
Need help typing ? See our FAQ (opens in new window)
Please sign in to create this set. We'll bring you back here when you are done.
Discard Changes Sign in
Please sign in to add to folders.
Sign in
Don't have an account? Sign Up »
You have created 2 folders. Please upgrade to Cram Premium to create hundreds of folders!