economics

9 cards·by elizabethastevens219

what is economics

it is the study of how individuals and nations make choices about ways to use their scarce resources to fulfill needs and wants

what is resource

anything people can use to make or obtain what they need

what is hypthesis

educated guess

what is economy

all the activity in a nation that together affects production, distribution and use of goods and services

what is economists

deal mostly with dexcribing and analyzing causes and effects and comparing and contrasting dat

what is economic model

a simplified representation of the real world

values

beliefs

scarcity

is the vasic problem of economics

needs

things people must have