Economics

study

What is economics?

Economics is the study of choices that people make to satisfy their needs and wants

Why is economics important?

You can’t have it all, so you must make choices

What are the causes of scarcity

1. Poor distribution of resources

2. Rapid increase in demand

3. Personal perspective

Economic problem equal’s

LImited resources + unlimited wants

What is opportunity cost?

Opportunity cost is the next best alternative (the 2nd choice)

What does conjunction mean?

Conjunction is a word that connects other words, phrases, or clauses together. Acting as the “glue” of language, to create logical relationships between ideas.

What are complements?

Complements are good or services which are used in conjunction with one another.

What are good words to use in an economic response

Choice, competing, decision, alternative, economic problem, opportunity cost.

What does complementary products mean?

It means that it like balances out with the other product.

What are substitute products?

Substitute products are products that can replace the other products.