Chapter 2 Flashcards
1
Q
Economics
A
how society employs resources to produce goods and services for consumption among various groups.
2
Q
Macroeconomics
A
concentrates on the operation of a nations economy
3
Q
microeconomics
A
concentrates on the behavior of a certain group of individuals.
4
Q
Resource Development
A
how to increase resources and create conditions to make better use of the resources
5
Q
Adam Smith
A
- father of economics
- freedom was key
- invisible hand theory.
- self gain leads to benefits.
