Economics Chapter 1

6. A particular use of resources that achieves a desired end, such as consumption.
7. A self-sustaining system in which many independent transactions in a society create distinct flows of money and products or services.
8. The usefulness, satisfaction, or benefit derived from each available option to help make a rational choice among them.
10. The study of the way society makes decisions about the use of scarce resources.
11. The favouring of one available option over another in making a decision or choice.
12. A person with a vested or personal interest (or stake) in an economic decision.
13. The branch of economics that deals with value judgements about economic subjects rather than facts and observations.

1. The result, effect, or outcome of an action taken or the refusal to take an action.
2. science Sciences, such as economics, history, and sociology, that study some aspect of human behaviour.
3. method A method of study used to make discoveries in natural science and social sciences (such as economics) that has four steps: observation, data collection, explanation, and verification.
4. A theoretical unit of satisfaction that a person gains from consuming an item.
5. The branch of economics that deals with facts and direct observation of the world.
6. The use of a bare minimum of resources to achieve a desired end, such as consumption.
9. To use limited resources efficiently in production.