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[Show more]Economics - Unit 1 Economics Fundamentals. Exams 
Questions and Answers 100% Verified 
economics - Answer 1. the study of how individuals and nations make choices about ways to use 
scarce resources to fulfill their needs and wants 
2. Social science that deals with the study of the production, cons...
Preview 2 out of 9 pages
Add to cartEconomics - Unit 1 Economics Fundamentals. Exams 
Questions and Answers 100% Verified 
economics - Answer 1. the study of how individuals and nations make choices about ways to use 
scarce resources to fulfill their needs and wants 
2. Social science that deals with the study of the production, cons...
needs - Answer things you require 
want - Answer things you would like to have 
goods - Answer tangible products that we use to satisfy our wants and needs 
services - Answer actions or activities that one person performs for another 
scarcity - Answer needs and wants are unlimited but resources are...
Preview 2 out of 8 pages
Add to cartneeds - Answer things you require 
want - Answer things you would like to have 
goods - Answer tangible products that we use to satisfy our wants and needs 
services - Answer actions or activities that one person performs for another 
scarcity - Answer needs and wants are unlimited but resources are...
economic system - Answer How a country organizes its economy 
scarcity - Answer a shortness of supply; not enough of something to satisfy everyone's wants and 
needs 
3 types of economic systems - Answer traditional, market, command 
3 questions economic systems answer - Answer What to produce? How...
Preview 2 out of 6 pages
Add to carteconomic system - Answer How a country organizes its economy 
scarcity - Answer a shortness of supply; not enough of something to satisfy everyone's wants and 
needs 
3 types of economic systems - Answer traditional, market, command 
3 questions economic systems answer - Answer What to produce? How...
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