What Is Economics About? (HSC SSCE Economics): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Economic problem
Economic problem
Unlimited wants but limited (scarce) resources
Utility in economics
Utility in economics
Satisfaction/pleasure from consuming goods & services
Complementary want
Complementary want
Want that follows from satisfying another want
Recurrent want
Recurrent want
Want that must be satisfied repeatedly over time
4 key economic questions
4 key economic questions
What, how much, how to produce; how to distribute
Opportunity cost
Opportunity cost
Next-best alternative that must be foregone
Lower income effect on wants
Lower income effect on wants
Fewer wants can be satisfied
How gov't funds collective wants
How gov't funds collective wants
Through taxation revenue from community
Collective wants
Collective wants
Desires of entire community, not individuals
Nature of wants (limited/unlimited)
Nature of wants (limited/unlimited)
Unlimited - as one is satisfied, another emerges