Economics Overview study guide
Economics is the study of answering the scarcity problem. Everyone faces scarcity as no resources are infinite. Since no resources are infinite we must be efficient in allocating them. Every allocation has an oppertunity cost. If you produce microwaves you produce less computers. Since we can assume consumption provides utility, we must allocate the resources to yield the greatest utility. This is called allocative efficiency
Key terms are
Utility scarcity allocative efficiency oppertunity cost economy Economics is the study of answering the scarcity problem. Everyone faces scarcity as no resources are infinite. Since no resources are infinite we must be efficient in allocating them. Every allocation has an oppertunity cost. If you produce microwaves you produce less computers. Since we can assume consumption provides utility, we must allocate the resources to yield the greatest utility. This is called allocative efficiency
Key terms are
Utility scarcity allocative efficiency oppertunity cost economy Economics is the study of answering the scarcity problem. Everyone faces scarcity as no resources are infinite. Since no resources are infinite we must be efficient in allocating them. Every allocation has an oppertunity cost. If you produce microwaves you produce less computers. Since we can assume consumption provides utility, we must allocate the resources to yield the greatest utility. This is called allocative efficiency
Key terms are
Utility scarcity allocative efficiency oppertunity cost economy Economics is the study of answering the scarcity problem. Everyone faces scarcity as no resources are infinite. Since no resources are infinite we must be efficient in allocating them. Every allocation has an oppertunity cost. If you produce microwaves you produce less computers. Since we can assume consumption provides utility, we must allocate the resources to yield the greatest utility. This is called allocative efficiency
Key
Key terms are
Utility scarcity allocative efficiency oppertunity cost economy Economics is the study of answering the scarcity problem. Everyone faces scarcity as no resources are infinite. Since no resources are infinite we must be efficient in allocating them. Every allocation has an oppertunity cost. If you produce microwaves you produce less computers. Since we can assume consumption provides utility, we must allocate the resources to yield the greatest utility. This is called allocative efficiency
Key terms are
Utility scarcity allocative efficiency oppertunity cost economy Economics is the study of answering the scarcity problem. Everyone faces scarcity as no resources are infinite. Since no resources are infinite we must be efficient in allocating them. Every allocation has an oppertunity cost. If you produce microwaves you produce less computers. Since we can assume consumption provides utility, we must allocate the resources to yield the greatest utility. This is called allocative efficiency
Key terms are
Utility scarcity allocative efficiency oppertunity cost economy Economics is the study of answering the scarcity problem. Everyone faces scarcity as no resources are infinite. Since no resources are infinite we must be efficient in allocating them. Every allocation has an oppertunity cost. If you produce microwaves you produce less computers. Since we can assume consumption provides utility, we must allocate the resources to yield the greatest utility. This is called allocative efficiency
Key