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10 Cards in this Set
- Front
- Back
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Economics
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There is not enough stuff
Them that has, gets There ain't no such thing as a free lunch The study of how people allocate their limited resources to satisfy their unlimited wants. |
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Consumer Sovereignty
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The seller of the product is ultimately responcible to the consumer
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Efficiency
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Combining resources and technology to get the best result
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Captial Goods
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Manmade good made to produce other goods. (like a machine on an assembly line)
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Consumer Goods
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Items manufactured for households, people like us to consume for fun. (bike)
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Resources
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Things used to produce other things to satisfy people's wants.
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Wants
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What people would buy if they had an ulimited income.
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Microeconomics
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Study of decision making by individuals and firms.
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Macroeconomics
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Study of the behavior of the economy as a whole, including unemployment and national income.
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Aggregates
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Total amounts or quantities.
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