Economics:
Is the science of allocating limited resources to meet unlimited demands
Is a social science that focuses on how a society uses its finite (scarce) resources, which have
many uses, to produce goods and services for current and future consumption?
Deal with human behavior as an individual, family, group, state, or decision-making unit in a
company
,BASIC ECONOMICS PROBLEM:
Opportunit
Scarcity Choice
cost
, Society and Scarce Resources:
Scarcity refers to a society
Because resources are
limited resources, which
limited, it is important to
prevents it from producin
manage society's
all of the products and
resources.
services that people desire
Is the science of allocating limited resources to meet unlimited demands
Is a social science that focuses on how a society uses its finite (scarce) resources, which have
many uses, to produce goods and services for current and future consumption?
Deal with human behavior as an individual, family, group, state, or decision-making unit in a
company
,BASIC ECONOMICS PROBLEM:
Opportunit
Scarcity Choice
cost
, Society and Scarce Resources:
Scarcity refers to a society
Because resources are
limited resources, which
limited, it is important to
prevents it from producin
manage society's
all of the products and
resources.
services that people desire
