Professor Bernard's picture

Answers #3

By Bernard

Here are the answers for the Exercice #3:

  • Art: knowledge that is put in concrete, applied situation.
  • Choice; state of an economic agent before he consumes or produces.
  • Economic model: set of relations between many variables presented in a certain cohesiveness.
  • Economic system: the whole economy seen as a whole, with all the relationships between its parts.
  • Need; what we want for surviving and better llving.
  • Opportunity: 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.
  • Scarcity: state of a good that wee need, but that the supply is not enough.
  • Science: knowledge by itself.
  • Value: measurement of a good in itself.
  • Wealth: state of a person who has a lot of goods of all kinds.

20111122