ECN112 - The Starting Point: Scarcity
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15 Terms
Scarcity
Human want is more than what is available
Economics
The study of how economic actors, given unlimited wants, choose to use scarce resources
Three Pillars of Economics
Unlimited wants
Scarce resources
Choices
Mircroeconomics
Study of economic choices that individuals & businesses make, and how governments influence these choices
Mirco V Macro
Micro: Interested in effects on consumer choice
Macro: Interested in broad inflationary impact
How do INDIVIDUALS spend their resources?
Time
Money
Talent
Energy
How do FIRMS spend their resources?
Capital
Labor
Markets
Where individuals and firms interact
What are the two parties involved in a market?
Buyers (demanders) - consumers
Sellers (Suppliers) - firms
What is the goal of a market?
An economic transaction
Goods and Services
The objects (and actions that people value and product to satisfy human wants)
_____ determines the quantities of goods and services we produce?
What
_____ are goods and services produced?
How
_______ are the goods and services produced?
For whom
Globalization
Expansion of international trade
Note 
Flashcards (100)