Chapter 1 Flashcards
What is the definition of economics?
The study of human behavior in relation to ends and scares means which have alternative uses.
What does “Ends” refer to?
What we want
What does “means” refer to?
The resources available to get what we want.
What is the general definition of Economics?
A social science that studies how people choose among alternatives.
Why is economics described as a social science?
Because it includes the study of human behavior
Why is economics considered a science?
The scientific methods are used to examine it.
As an individual in society what is LIMITED to you?
The means to satisfy our needs and wants?
How does something identify as scares?
If it is limited and we have to to make chooses based on having more of one thing and less of the other
