Economic Chapter 1 Flashcards
1
Q
What is Economics?
A
Is a science that studies people’s behavior and choices
2
Q
What is a good?
A
Is anything that we can see, feel, touch and taste
Eg~ pen, car, can
3
Q
What is a service?
A
Exist when someone does something for you
4
Q
What is an Economy?
A
Is an district region where economic activity takes place
5
Q
What is Opportunity cost?
A
Is refer to the next best alternative forgone
6
Q
What is scarcity?
A
Is when humans have unlimited wants but live in a world with limited resources
7
Q
What is Productive Possibility Curve(P.P.C) ?
A
Shows the different combination of 2 good that can be produced using available resources
