Term
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Definition
| Study of choices people make to satisfy their wants and needs |
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Term
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Definition
| The study of economics on a small scale; households, industries etc. |
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Term
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Definition
| The study of economics on a large scale; national economy |
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Term
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Definition
| The value of the next best alternative NOT chosen |
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Term
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Definition
Four factors of production;
C: Capital
E: Entrepreneurship
L: Land
L: Labor |
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Term
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Definition
| Unlimited wants, limited resources |
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Term
| 3 fundamental questions all economies should ask |
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Definition
| How it's made, for whom it's made and what is made |
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