Definitions of Economics.docx

Definitions of Economics.docx - Definitions of Economics...

Info icon This preview shows pages 1–2. Sign up to view the full content.

Definitions of Economics Economics is the study of the use of scarce resources to satisfy  unlimited human wants Economics is the social science concerned with the efficient use of  scarce resources to obtain the maximum satisfaction of society’s  unlimited wants Economics is the social science concerned with how individuals,  institutions and society make optimal (best) choices under conditions of scarcity Economics is the social science that studies the choices that individuals, businesses, governments and entire societies make as they cope with  scarcity and the incentives that influences the and reconcile those  choices Basic Economics Concepts Scarcity   choice Incentives   decisions   opportunity cost Opportunity Cost: the loss of potential gain from other  alternatives when one alternative is chosen.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '12
  • AlecCram

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern