Professor Bernard's picture

Exercice #3

By Bernard

Establish the relationships between these fundamentals notions:

  1. Need
  2. Economc System
  3. Value
  4. Science
  5. Choice
  6. Opportunity
  7. Art
  8. Wealth
  9. Economic model
  10. Scarcity

And their definitions:

  1. The state of a person who has a lot of goods of all kinds.
  2. The state of an economic agent before he consumes or produces.
  3. The set of relations between many variables presented in a certain cohesiveness.
  4. The knowledge that is put in concrete, applied situation.
  5. The whole economy seen as a whole, with all the relationships between its parts.
  6. The state of an economic agent that is considering everything that it could get, more or less, if it would be producing or consuming in a different way.
  7. The knowledge by itself.
  8. The state of a good that wee need, but that the supply is not enough.
  9. What we want for surviving and better llving.
  10. The measurement of a good in itself.

Look for the answers.<

20111122