Ch.18 Sec.1

the study of how individuals and nations make choices about ways to scarce resourses to fulfill their needs and wants

economics
requirements for survival, such as food, clothing, and shelter

needs
things we would like to have, such as entertanment, vacations, and items that make life comfortable and enjoyable

wants
not having enough recources to produce all of the things we would like to have

scarcity
simplifed representation of the real world that economists develope to describe how the economy behaves and is expected to prefom in the future

economic

Author

Anonymous

3925

Card Set

Ch.18 Sec.1

Description

~studies~

Updated

2010-01-09T19:50:39Z

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