Chapter 1 Tradeoffs Flashcards
1
Q
Resources available to satisfy needs are less than the needs to be satisfied is considered what?
A
Scarcity
2
Q
An unlimited number of wants and needs and only a limited number of resources to produce products to satisfy needs and the choice of which is considered what?
A
The economic problem
3
Q
To gain anything, a person must give something up is considered a what?
A
Tradeoff
4
Q
The study of the national economy is what?
A
Macroeconomics
5
Q
The study of interactions between smaller economic units is considered what?
A
Microeconomics
