Term
| Economics Is the Study of: |
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Definition
| Choice - or People Making Choices |
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Term
| According to the economic theory, social interactions are the result of: |
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Definition
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Term
| Economist assume regarding peoples choices: |
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Definition
| That they make choices under scarcity based on expected benefits and expected cost. |
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Term
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Definition
| To use resources in a way that extracts from them the most of whatever the economizer wants. |
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Term
| What is the economic way of thinking: |
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Definition
- Focuses on choice
- Only individuals choose
- Individuals choose after weighing benefits and cost.
- Assumes some rules
- Consequences result from choice
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Term
| Scarcity can be eliminated by: |
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Definition
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Term
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Definition
| Choice and Opportunity Cost |
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Term
| What is the definition of Capitalism and Competition. |
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Definition
Capitalism - Ownership through investment
Competition - Two parties compete to gain customers. |
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