- Shuffle
Toggle OnToggle Off
- Alphabetize
Toggle OnToggle Off
- Front First
Toggle OnToggle Off
- Both Sides
Toggle OnToggle Off
Front
How to study your flashcards.
Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key
Up/Down arrow keys: Flip the card between the front and back.down keyup key
H key: Show hint (3rd side).h key
PLAY BUTTON
PLAY BUTTON
15 Cards in this Set
- Front
- Back
|
Individual Choice
|
Everyone has to make choices about what to do and what not to do. if it doesnt involve choice, it's not economics.
|
|
Resources
|
Anything that can be used to produce something else.
|
|
Why should choices be made?
|
The reason choices should be made is that resources are scarce.
|
|
Scarce
|
Not enough resources for the society.
|
|
Opportunity Cost
|
The true cost of anything is what you must give up to get it.
|
|
Trade-off
|
comparing the costs & benefits of doing something.
|
|
Marginal decisions
|
a decision made at the margin of an activity to do a bit more or a bit less of an activity.
|
|
Incentive
|
anything that offers rewards to people to change their behavior.
|
|
Interaction
|
MY CHOICE affects YOUR CHOICE. &vice versa.
|
|
Trade
|
Individuals provide goods & services to others and receive goods and services in return.
|
|
Gains from trade
|
People get more of what they want through TRADE and dividing tasks rather than by them self.
|
|
specialization
|
people specializing in the task they are good at performing.
|
|
equilibrium
|
an economic situation, an individual will be no better off doing something different.
|
|
efficient
|
description of a market or economy that takes all opportunities to make some people better off without making other people worse off.
|
|
equity
|
fairness; everyone gets their fair share.
|
