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  • Applied Economic Terms

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    Mary Jane Cadague
    9 views34 pages
    Economics is the study of how individuals and societies make choices about allocating scarce resources. Scarcity means that human wants and needs exceed limited resources, creating an opportunity cost where choosing one thing requires giving up another. Resources can face relative scarcity based on time and place or absolute scarcity if a resource cannot be created or substituted for.

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    Economics is the study of how individuals and societies make choices about allocating scarce resources. Scarcity means that human wants and needs exceed limited resources, creating an opportunity cost where choosing one thing requires giving up another. Resources can face relative scarcity based on time and place or absolute scarcity if a resource cannot be created or substituted for.

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    Download as PPTX, PDF, TXT or read online from Scribd
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    9 views34 pages

    Applied Economic Terms

    Uploaded by

    Mary Jane Cadague
    Economics is the study of how individuals and societies make choices about allocating scarce resources. Scarcity means that human wants and needs exceed limited resources, creating an opportunity cost where choosing one thing requires giving up another. Resources can face relative scarcity based on time and place or absolute scarcity if a resource cannot be created or substituted for.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 34

    Briefly discuss the following terms in your

    own words:
    1. Economics
    2. Scarcity
    3. Relative vs. Absolute Scarcity
    4. Opportunity Cost
    5. Economic Resources (Land, Labor,
    Capital

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