Economics Section 1 Chapter Review

What character quality is essential for the Christian to have victory over insatiability? Explain.

Contentment. Being content means that you are satisfied with what God has provided, and being satisfied frees you from the struggle of insatiability versus scarcity struggle.

What is economics?

Economics is the common-sense science of how and why people, businesses, and governments make the choices they do.

What two contradictory ideas result in the necessity of choice? Explain and define each.

Instability and Scarcity. Instability is referring to the fact that everyone has unlimited wants. Scarcity means that everything is finite or limited in quantity. Insatiability generally means as simple humans we are never satisfied and always want something else but with God man is able to be satisfied. Scarcity generally means that things such as time, money, labor and natural resources are scarce or limited in quantity.