Consumer Study guides, Class notes & Summaries

UNIVERSITY OF ARIZONA STUDY GUIDE 2020 ECON SUPPLY & DEMAND FOR UNIT 1,2,3,4,5,6 &7 UNIT 1 Capital: Consequence: A result or effect of an action or decision; may be positive or negative. Cost: What is given up a result of a decision Economics: The study of how people seek to satisfy their needs and wants by making choices. Economize: Choose the alternative that offers the greatest benefit for the least cost. Entrepreneur: One who takes the risk of opening a business with the aim of...

1. Define economics. 2. Explain how scarcity relates to economics. Limited resources to meet unlimited needs and wants. This situation requires people to make decisions about how to allocate resources efficiently in order to satisfy needs and wants. 3. Differentiate between opportunity costs and trade offs. Opportunity Costs: The second best alternative to a choice that is made. Trade Offs: Giving up some of one thing in order to gain more of something else. 4. Define factors of produ...