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9 Cards in this Set
- Front
- Back
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Define Economics |
Is a social science dealing with the allocation, or use of scarce resources to provide goods & services in refueling society's needs & wants |
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Define Social Science |
Man's interaction with man. Systematic study of anything that can be.... |
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Define Resourses |
Inputs means of production |
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Define Entrepreneurship |
Brings together means of production |
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Goods & Services |
Tangible items & actions performed for you by someone else. |
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Scarcity |
Resources are limited, needs & wants are unlimited. |
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Trade-off |
Exchanging one thing for the use of another. |
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Opportunity Cost |
The value of the next best alternative given up for the one that was chosen. |
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PPF means |
Productions Possibilities Frontiers: to model scarcity. |
