lecture 1 Flashcards
1
Q
what is economics?
A
Economics is more than just money, most of the interest lies in the real stuff that money cant buy such as goods and services
2
Q
what are the 3 questions in economics?
A
- what goods and services should be produced and in what quantity?
- how should they be produced ?
- who gets to consume these goods?
3
Q
what is scarcity?
A
in economics a good or service is considered scarce when there is not enough to satisfy everyone at zero price
4
Q
what is the implication of scarcity?
A
the need to make tradeoffs (choices)
5
Q
is time a scarce resource? and why
A
time is a scarce recourse because you cannot do all things you want to do so you therefore choose where to allocate you time to.
6
Q
economics is the study of….?
A
economics is the study of the systems that societies use to allocate scarce recourses to the production of goods and services and distribute them to a consumer.
