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1. • • Economics is a social science that examines how people choose among the alternatives available to them. It is social because it involves people and their behavior. It is a science because it uses, as much as possible, a scientific approach in its investigation of choices.
     open.lib.umn.edu › principleseconomics › chapter

     1.1 Defining Economics – Principles of Economics

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   What does economics mean?

   • Economics is the study of how people seek to satisfy their needs and wants by making choices. Economics is about solving the problem of scarcity. Macro quiz 1. What is Economics? Economics is the study of how people seek to satisfy their needs and wants by making choices. Economics is about solving the problem of scarcity.

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   What is economics & why is it important?

   • Economics is the study of how people seek to satisfy their needs and wants by making choices. Economics is about solving the problem of scarcity. All goods and services we produce are scarce. Scarcity implies quantities of resources to meet unlimited wants.

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   What is a basic economic system?

   • An economic system where the basic economic questions are answered the way they always have been. An economic system where the basic economic questions are answered by the government. An economic system where the basic economic questions are answered in the marketplace by buyers and sellers. The rising of prices

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   What is a basic economic model?

   • An economic model that shows what is possible to produce given a set of circumstances. An economic system where the basic economic questions are answered the way they always have been. An economic system where the basic economic questions are answered by the government.

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3. quizlet.com › 520145792 › economics-definition-flashEconomics Definition Flashcards | Quizlet

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   a theory or simplified representation that helps explain and predict economic behavior in the real world. Just the definition of economic vocabulary Learn with flashcards, games, and more — for free.

   • Economics DEFINITIONS Flashcards

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   • Definition of Economics Flashcards

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   • What is Economics? Flashcards

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   Economics is the study of how people seek to satisfy their needs and wants by making choices. Economics is about solving the problem of scarcity.