Shared Flashcard Set

Details

Title

Basic Concepts

Description

General Definitions to understand Economics

Total Cards

Subject

Economics

Level

Post-Graduate

Created

04/08/2013

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Additional Economics Flashcards

Term

Scarcity

Definition

Scarcity is the limitation that exists in attaining all the goods and services that the people want.

Term

PPF

Definition

PPF is the Production Posibility Frontier.A curve which is concave to the origin. Illustrates the production of two goods in an economy.

Term

Oppotunity Cost

Definition

One oppotunity is forgone in order to avail the benifit of another opportunity for the maximum satisfaction.

Term

Necessaties

Definition

Necessaties are the basic needs of the people which are necessary for their survival.