Scarcity Flashcards
1
Q
Economics
A
The study of human and group activities related to work and the use of resources to achieve satisfaction.
2
Q
Satisfaction
A
A state of happiness and wellbeing in the life of an individual, group or society.
3
Q
Economic Thinking
A
Looks at and analyses the way the world works by comparing the costs of any activity with the benefits generated by that activity.
4
Q
Scarcity
A
Refers to the limitations - insufficient resources, goods, or abilities to achieve the desired ends.
