Shared Flashcard Set

Details

Title

BTW.Boettcher.Chapter 1 Vocabulary

Description

Basic Economic vocabulary

Total Cards

Subject

Social Studies

Level

12th Grade

Created

08/18/2012

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Additional Social Studies Flashcards

Term

Scarcity

Definition

The fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources.

Term

Economics

Definition

The study on how humans manage their scarce resources.

Term

Efficiency

Definition

The property of society getting as much as they can from their scarce resources.

Term

Externality

Definition

The impact of one persons action on the well-being of another person or society.