Is the study of how we use our scarce resources to satisfy our needs and wants, and maximize the living standards of society.
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MICROECONOMICS
A branch of economics looking at the small segments of our economy, such as particular firms, industries, and markets.
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MACROECONOMICS
A wholeistic look at the economy and the larger flows affecting overall economic conditions, such as national spending, production, unemployment and inflation rate
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RELATIVE SCARCITY
The basic economic problem whereby we have unlimited needs + wants, however very limited resources to satisfy them.
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OPPORTUNITY COST
The value of the next best option that was forgone
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LIVING STANDARDS
How well of our nation is overall, our overall level of wellbeing
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MATERIALISTIC LIVING STANDARDS
Overall level of economic wellbeing: Income - Access to G + S
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NON-MATERIAL LIVING STANDARDS
Overall level of human wellbeing + happiness: -Sense of purpose - Environment - Leisure time - War/corruption
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Other cards in this set
Card 2
Front
A branch of economics looking at the small segments of our economy, such as particular firms, industries, and markets.
Back
MICROECONOMICS
Card 3
Front
A wholeistic look at the economy and the larger flows affecting overall economic conditions, such as national spending, production, unemployment and inflation rate
Back
Card 4
Front
The basic economic problem whereby we have unlimited needs + wants, however very limited resources to satisfy them.
Back
Card 5
Front
The value of the next best option that was forgone
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