{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Definitions of Economics.docx

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

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

View Full Document Right Arrow Icon
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.
Background image of page 1

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

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}