Educational flashcards

Macro Economics

Macro Economics The key concept that serves as the basis for whats to study in macroeconomics: d. scarcity opportunity cost is best defined as: c. the value of the best forgone alternative when a state government chooses to build more […]

Educational flashcards

Chapter 3 Economics

Chapter 3 Economics 1. Markets, viewed from the perspective of the supply and demand model: A. assume many buyers and many sellers of a standardized product. B. assume market power so that buyers and sellers bargain with one another. C. […]

Educational flashcards

Chapter 1: The Five Foundations of Economics

Chapter 1: The Five Foundations of Economics Economics Is a social science that studies the choices individuals, business, government, and entire societies make. Ex: Buying concert tickets or importing cars. Scarcity The limited nature of society’s resources. Economics discusses all […]

Educational flashcards

Economics – Microeconomic Concepts

Economics – Microeconomic Concepts Buyer – This is the person or persons who purchase a good or service. – Example: You, when you gave money to itunes to get the new Rihanna song. Circular Flow Diagram – This is the […]

Professional Essay Examples For Students

Economics Phenomenon

Economics may be defined as the allocation of resources including time, mental energy, or even capital resources to a business venture to solve a problem. As a self-discipline, economics incorporate other disciplines that are related and affect human life in […]

Educational flashcards

final economics

final economics The fundamental problem of economics is: The scarcity of resources relative to human wants A consequence of the economic problem of scarcity is that: Choices have to be made about how resources are used. Opportunity cost may be […]