- Study guides, Class notes & Summaries

Economics - CORRECT ANSWERthe study of how indidivudals and societies make choices about ways to use scarces resources to fulfill their wants. Want - CORRECT ANSWEReverything other than basic survival needs. Scarcity - CORRECT ANSWERcondition of not being able to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time. Factors of production - CORRECT ANSWERresources of land, labor, and entrepreneurship used tp pr...