Econ flashcards - Study guides, Class notes & Summaries

Economics - the branch of social science that deals with the production and distribution and consumption of goods and services and their management basic economic decisions - how ppl in a society make the what, how and who decisions Entrepeneur - a person who starts up & takes the risk of a business goods - articles of commerce Opportunity costs - the most desirable alternative given up as the result of a decision scarcity - a small and inadequate amount Services - action...

which statement best explains why countries must make tradeoffs - Correct AnswerNational production is limited by the availability of scarce natural resources What is the primary incentive for business owners in a market economy - Correct AnswerEarning profits

Use these revision flashcards to ensure you have all the important materials in your long term memory. It contains : - All As level Key terms - All As-level Graphs - All As level formulas - Guide on how to use the revision flashcards Hope this helps you , Good luck.