What are the 3 Economic Ideas? 1. 2. 3.
Why do people make choices?
People make choices as they try to attain their goals
People make choices because resources are scarce
What are the 3 economic fundamental questions 1. ? 2. ? 3. produced?
What are the 2 opposing answers to the 3 fundamental economic questions
centrally planned market
market economy (price system)
The following statement: "gas prices are too low" is what kind of statement:
normative
positive
Define market, economics, and scarcity. 1. Market: 2. Economics: 3. Scarcity:
People make decisions because of scarcity
Define opportunity cost. Opportunity cost:
