Chapter 1: Economics: Foundation and Models
¡Supera tus tareas y exámenes ahora con Quizwiz!
Scarcity is central to the study of economics because it implies that...
...every choice involves an opportunity cost.
Economists assume that people are:
Rational
Scarcity is described as:
Unlimited wants exceed limited resources available
Economists assume that people are rational in the sense that...
they use all availabl information as they take actions intented to achieve their goals.