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Unit 1 Economics Basics # 1 Flashcards | StudBud

Explore/Unit 1 Economics Basics # 1

Unit 1 Economics Basics # 1

5 terms·StudBud Administration

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Questions 5

Answers

1
What is the fundamental problem in economics?
needs
scarcity
limited wants
5 dollah
2
What is necessary to fulfill our wants and needs?
tradeoffs
scarcity
resources
cost-benefit analysis
3
Scarcity forces people to make ...
amends to another
choices
systems
utility
4
Unlimited Wants and Needs and limited resources =
opportunity cost
abundance
scarcity
cost benefit analysis
5
Choosing to spend resources on one item/activity over another is...
cost-benefit analysis
lowering the bar
tradeoff
scarcity