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Social Science
Economics
Macroeconomics
Macro Exam 1 Review
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scarcity
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refers to the limited nature of society's resources, given society's unlimited wants and needs
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Terms in this set (85)
scarcity
refers to the limited nature of society's resources, given society's unlimited wants and needs
economics
is the of how people allocate their limited resources to satisfy their nearly unlimited wants
microeconomics
the study of the individual units that make up the economy
macroeconomics
the study of the overall aspects and workings of an economy
5 foundations of economics
incentives
trade-offs
opportunity costs
marginal thinking
trade creates value
