Academicwriter

economics - 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, consumption, distribution of goods and services and the transfer of wealth to obtain those goods and services. scarcity - a situation in which unlimited wants exceed the limited resources available to fulfill those wants trade-offs - giving up one thing in favor of another opportunity...

What is Economics? - The study of how peoples need to satisfy their needs and wants by making choices. What are the three factors in every Economic scenario - Land, Labor, Capital What is a trade-off? - All the alternatives that we give up whenever we choose one course of action over another. What is a production Possibilites curve/What does it show? - A graph that shows al alternative ways to use an economy's productive resources. Axes shows different products. example= shoes and w...