Shared Flashcard Set

Details

Title

Econ Ch 1 Terms

Description

Ch 1 Terms

Total Cards

Subject

Economics

Level

Undergraduate 1

Created

01/15/2012

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Additional Economics Flashcards

Term

Scarcity

Definition

A situation in which unlimited wants exceed the limited resources available to fulfill these wants.

Term

Economics

Definition

The study of the choices people make to attain their goals given their scarce resources.

Term

Economic Model

Definition

A simplified version of reality used to analyze real world economic situations.

Term

Market

Definition

A group of buyers & sellers of a good or service and the institution or arrangement by which they come together to trade.