Macroeconomics complete course study guide
Subject:
Economics [1]
Tags:
economics [2]
Consumer theory [3]
demand [4]
macroeconomics [6]
Crowding out [8]
inflation [9]
Supply and demand [10]
Aggregate demand [12]
deflation [13]
Business [14]
AP Macroeconomics Exam: Course Study Guide [ UNIT I ] What is economics? the systematic study of choice textbook definitions ? refer to the allocation of scarce resources in order to satisfy societal wants What is the basic problem of economics? scarcity scarcity is the problem in the world that humans invented economics in order to address ? scarcity CANNOT be solved, only addressed or accommodated ? scarcity is the state of affairs in the world where a finite amount of stuff exists to satisfy a virtually infinite amount of human wants ? [scarcity = wants > resources ] ? to be scarce, something must be both limited and desirable ? scarce ? scarcity Sometimes, definitions of economics incorporate the three basic questions of economics: What to make/produce?