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5 Cards in this Set
- Front
- Back
Economics |
The study of how individuals and nations make choices about how to use scarce resources to fulfill their wants. |
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Macroeconomics |
The study of the whole economy of a country/nation. Deals with imports and exports, money systems, laws and regulations, and economic output. |
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Microeconomics |
The study of individual areas of the economy. It deals with single companies/ corporations , individuals and households, and decision making |
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Scarce Resources |
A resource that is limited-- Water, lumber, oil, gold, electricity, diamonds, and food. |
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Relative Scarcity |
A resource that is limited and is valued by society. |