Principles of microeconomics - International Relations (business)
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| scarcity | The limited nature of a society's resources
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| economics | The study of how society manages its scarce resources
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| efficiency | The property of society getting the most it can from its scarce resources
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| equity | The property of distributing economic prosperity fairly among the members of society
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| opportunity cost | Whatever must be given up to obtain some item. Eg. sportspeople deciding to play-for-pay rather than completing their schooling
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| marginal changes | Small incremental changes to a plan of action
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| What is an economy? | An economy is comprised of people and their interactions as they go about their daily lives. The behaviour of these people will determine the nature and behaviour of the economy. An economist is someone who studies this pattern.
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Created by:
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