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9 Cards in this Set
- Front
- Back
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Scarcity
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refers to the limited nature of society’s resources.
The management of society’s resources is important because resources are scarce. • Scarcity. . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have. |
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Economics
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is the study of how society manages its scarce resources, including
how people decide how much to work, save, and spend, and what to buy how firms decide how much to produce, how many workers to hire how society decides how to divide its resources between national defense, consumer goods, protecting the environment, and other needs |
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HOW PEOPLE MAKE DECISIONS
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Principal 1: People face tradeoffs.
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To get one thing, we usually have to give up
another thing. |
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How People Interact
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How the Economy as a Whole Works
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Efficiency
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means society gets the most
that it can from its scarce resources. |
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Equity
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means the benefits of those
resources are distributed fairly among the members of society. |
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VIRGINIA HAMILTON VICKY GRIMES MESSICK ANGELA JOHNSON WALTER DEAN MYERS MCKISSICK
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VIRGINIA HAMILTON VICKY GRIMES MESSICK ANGELA JOHNSON WALTER DEAN MYERS MCKISSICK WILL SMITH VIRGINA BLOOM
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