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7 Cards in this Set
- Front
- Back
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Economics |
Study of how individuals make decisions about ways to use scarce resources to fulfill wants and needs |
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Macroeconomics |
Big picture; growth, employments living standards Choices made by large groups |
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Microeconomics |
How do individual companies and industries make economic decisions |
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5 Economic Questions |
WHAT to produce HOW MUCH to produce HOW to produce it FOR WHOM to produce WHO makes these decisions |
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Scarcity |
Unlimited wants but limited resources |
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Needs and Wants |
Stuff We must have to survive WANTS Stuff we would really like to have |
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Opportunity Cost |
The value of the next best choice |
