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5 Cards in this Set
- Front
- Back
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scarcity |
inability to satisfy all wants (requires choices) |
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economics |
the choices that inds, businesses, govs, societies make when coping with scarcity |
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microeconomics |
study if choices that inds n bus make and how these choices interact w markets and influence of gov |
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what GS produced for |
Can: <1% agri 20% manufactured goods 80% services China: 10% agri 50% goods 40% services |
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how GS produced |
Land - from nature Labour - work time + effort --> qual of labour depends on human capital |
