Introduction to Economics for Built Environment

Flashcards covering key concepts from the lecture notes on economics as it relates to the built environment.

Economics is about making a CHOICE due to __ resources.

Limited

According to Robbins (1932), economics studies human behavior as a relationship between ends and __ means.

Scarce

From an Islamic perspective, economics seeks to maximize __, which is well-being in this world and the hereafter.

Falah

The three categories of resources are natural resources, human resources, and __ resources.

Process

Goods that are non-rivalrous and non-excludable are known as __ goods.

Public

When a society needs to allocate limited resources efficiently to produce goods and services, it faces __ problems.

Economic

A __ curve shows the various possible combinations of goods produced with all resources fully and efficiently employed.

Production possibilities

Scarcity arises due to human's __ wants in contrast with limited resources.

Unlimited

In economics, the second-best option that one needs to sacrifice is known as __ cost.

Opportunity

Microeconomics studies individual economic units such as households and __.

Firms

Macroeconomics analyzes aggregate behavior, including inflation and national __.

Income