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12 Cards in this Set
- Front
- Back
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There are limited quantities of rescources to meet unlimited wants. This is the #1 problem in Economics
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scarcity
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the most desirable alternative given up as the result of a decision
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opportunity costs
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What are the 3 basic question in economics?
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What, How and for whom to produce
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Who answers the 3 basic economic questions?
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buyers and sellers
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self interest and competition work together to regulate the marketplace
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Adam Smith's invisible hand theory
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price and quantity have a opposite relationship
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law of demand
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price and quantity have a positive relationship
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law of supply
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the point at which supply and demand meet
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equilibrium price
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companies are free to enter and exit the market place is
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one of the requirements for perfect competition
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a person who start a new business
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entrepreneur
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one of the governements roles in the economy is to ?
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protect buyers and sellers
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a refund of part of the purchase price
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rebate (not one of the consumer rights)
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