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Economics
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Scarcity
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Economics

QuestionAnswer
Economics The study of how people seek to satisfy their needs and wants by making choices
Scarcity Limited amounts of goods and unlimited want
PPC Productions Possibilites Curve Graph that shows alternative ways to use an economy's productive resources
Law of increasing opportunity cost As production shifts from making one item to second item, more resources are needed to increase production of the second item
3 economic questions what do we need to produce? How should it be produced? who are we producing it for?
Adam Smith Buyers and sellers only consider their self interest. It's the motivating force in a free market
Incentive Hope of reward or fear of penalty.
Communism The central government owns and controls all resources and production
Socialism Based upon the belief that wealth should be distributed evenly among society
Created by: krispenc
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