Shared Flashcard Set

Details Title MICROECON 101 - FINAL TEST Description Final test for microeconomics Total Cards 7 Subject Economics Created 05/06/2009

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Cards

Term Scarcity	Definition The inability to satisfy all of our wants
Term Incentive	Definition Reward that encourages an action or a penalty that discourages one
Term Economics	Definition The social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and incentives
Term Microecon	Definition The study of choices that individuals and businesses make
Term Macroeconomics	Definition The study of the performance of the national and global economy
Term Goods and Services	Definition The objects that people value and produce to satisfy human wants
Term Factors of production	Definition Land, labor, capitol, entrepreneurship

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