Introduction To Economics Definitions – Flashcards
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A person studying economics can make better choices about purchases if that person understands
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consequences
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Every economic decision has
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possible unpleasant consequences.
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Which situation best illustrates the concept of scarcity?
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a person buying a used car due to limited income
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Which activity would a consumer most likely perform?
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filling a lawnmower with gas
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Becoming informed about economics helps a person understand the
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role of government in regulating production.
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Consumers influence producers because consumers supply
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necessary capital.
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The idea of supply and demand is based on the development of
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sufficient products to meet consumer wants.
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Studying economics best helps an individual determine how to achieve economic .
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goals
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Which best describes the role of a consumer?
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buying goods
