TERM 1
Economics
DEFINITION 1
the study of how human beings coordinate their wants and
desires, given the decision-making mechanisms, social
customs, and political realities of the society
TERM 2
One of the key words in the defintion of the
term "economics" is ______.
DEFINITION 2
coordination
TERM 3
In the study of economics, coordination refers
to how the three central problems facing any
economy are solved. These central problems
are:
DEFINITION 3
1. What, and how much to produce. 2. How to produce it. 3.
For whom to produce it.
TERM 4
Scarcity
DEFINITION 4
the goods available are too few to satisfy individuals' desires
TERM 5
Scarcity has two elements: our ____ and our
means of fulfilling those _____.
DEFINITION 5
wants; wants
