Introduction to Economics Flashcards
1
Q
What is Economics?
A
A social science that studies how economic stakeholders behave and use scarce resources.
2
Q
What are Economic Stakeholders?
A
Anyone who impacts or has impacted by economics
3
Q
What are the 6 Economic Stakeholders?
A
- Individuals / Consumers
- Firms / Producers
- Workers / Labours
- Government
- Community
- Environment
4
Q
What is the Basic Economic Problem?
A
Humans wants + needs are unlimited but resources are scarce
5
Q
What is the solution for the Economic Problem?
A
Economic Stakeholders need to make important decisions, this is when opportunity cost arises.
6
Q
Define Opportunity Cost
A
Next best alternative forgone
