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    law of increasing costs. an economic principle which states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the second good or service. What is economics? Learn with flashcards, games, and more — for free.

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    economics. study of how society manages its scarce resources. economists study: 1. How people make decisions. 2. How people interact with one another. 3. Analyze forces and trends that affect the economy as a whole.

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    2 Ιουλ 2024 · Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices.

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