Details Title: Ch 1 & Ch 20 Description: davis economics Total Flash Cards: 6 Created: 02/07/2008 21:29:52		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Economics Flashcards
Cards in this set: Term Scarcity Definition condition that results from society not having enough resources to produce all teh thinkgs people would like to have. Term economics  Definition study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources. Term three basic questions Definition what to produce/how to produce/for whom to produce Term factors of production Definition land/capital/labor/entrepreneurs Term land Definition nature Term Definition