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The basic economic problem
'N/A'
5
Economics
Undergraduate 1
11/18/2012

Additional Economics Flashcards

 


 

Cards

Term
Scarcity
Definition
The quality or state of being scarce. Unlimited desires while there are limited resources. (noun)

ex:The scarcity of good restaurants around here is surprising
Term
Abundance
Definition
A very large quantity of something. (noun)

ex:There are abundance of rain forests.
Term
Resource
Definition
A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively. (Noun)

ex: The gasoline resources are diminishing.
Term
Choice
Definition
An act of choosing between two or more possibilities ( Noun)

ex:The choice between copying and not copying.
Term
welfare
Definition
The health, happiness, and fortunes of a person or group (Noun)

ex:Government must think the welfare of their citizens
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