Economics Flashcards
1
Q
Social science that studies two societies allocate limited resources to fulfill their unlimited wants & needs
A
Economics
2
Q
It deals how people behave within their society in terms of resources
A
Social Science
3
Q
A skill to use for production process
A
Labor
4
Q
Application of economic principled & theories to real situation
A
Applied Economics
5
Q
Refers to the whole aggregate economy
A
Macroeconomics
6
Q
Looks at the individual
A
Microeconomics
