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10 Cards in this Set

  • Front
  • Back
Economics
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.
Consumer Sovereignty
The seller of the product is ultimately responcible to the consumer
Efficiency
Combining resources and technology to get the best result
Captial Goods
Manmade good made to produce other goods. (like a machine on an assembly line)
Consumer Goods
Items manufactured for households, people like us to consume for fun. (bike)
Resources
Things used to produce other things to satisfy people's wants.
Wants
What people would buy if they had an ulimited income.
Microeconomics
Study of decision making by individuals and firms.
Macroeconomics
Study of the behavior of the economy as a whole, including unemployment and national income.
Aggregates
Total amounts or quantities.