Economics Terms

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ECONOMICS EXAMS 2024
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4

July 2024
Economics is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behavior and interactions of economic agents and how economies work.
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Economics Terms
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July 2024

2023/2024

A+
Economics Terms natural resources - anything humans use that comes from nature supply - the quantity of goods or services available demand - the desire to buy goods or services scarcity - a shortage or low amount of something abundance - a large amount or quantity, the opposite of scarcity consumer - a person who buys goods and uses services producer - a person who makes goods or provides services wants - things that are not necessary for survival needs - things that are...
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Economics Terms (correct answers)
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7

May 2023

2022/2023

A+
Scarcity correct answers the limited nature of society's resources Economics correct answers the study of how society manages its scarce resources Efficiency correct answers the property of society getting the most it can from its scarce resources Equity correct answers the property of distributing economic prosperity fairly among the members of society Opportunity cost correct answers whatever must be given up to obtain some item Market economy correct answers an economy that al...
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