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TJC ECON 2301 FINAL - Vocab Question and answers already passed 2023/2024
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TJC ECON 2301 FINAL - Vocab Question and answers already passed 2023/2024Economics - correct answer social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity Scarcity - correct answer limited supply of economic resources needed to make goods and services...demands choices; resources are scarce Opportunity cost - correct answer a sacrifice one makes makes choosing between two things... "choosing is refusing" Utility - correct answer the pleasure, happiness, or satisfaction obtained from consuming a good or service "There is no free lunch" - correct answer Resources are used to produce "free" products and because those resources ha
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