Economics Concepts and Theories
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Questions and Answers

_______ – improving quality of human lives.

Development

Absolute Poverty – unable to meet minimum _______

income

Traditional Economics – economics that emphasizes utility, profit maximization, market efficiency. Concerned with efficient, least-cost allocation of scarce productive _______

resources

Globalization – increasing integration of national _______

<p>economies</p> Signup and view all the answers

Income per Capita – total gross national income divided by total _______

<p>population</p> Signup and view all the answers

Capabilities – freedoms that _______ have

<p>people</p> Signup and view all the answers

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