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.