Definitions/Info
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| Three Central Problems for economy to solve? | For whom to produce it
What to produce
How to produce it
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| What is Scarcity ? | The goods available are too few to satisfy individuals desires (having limited resources but wanting more)
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| What is the problem in a economy? | Scarcity
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| The difference between a Positive and Normative Statement? | Positive ~ is a fact; uses "is" in statements
Normative ~ a opinion/judgment; uses "should in statements"
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| What is economics? | A social science; positive science, a distinction of what is and should be
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| What creates a change in quantity demanded ? | A change in price
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| Sunk cost meaning? | a cost already incurred and can't be recovered
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