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16 Cards in this Set
- Front
- Back
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extra,additional,change in
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margines
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marginal benefit > marginal cost
is good or bad |
good
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economy as a whole
basic subdivsions or agregates |
macroeconomics
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individual units
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microeconomics
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value based political question
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normative
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facts/cause and effect relationships
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positive
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curve that shows various combinations of two products a consume can purchase with a specific money income
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budget line
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economic resources?
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land
labor capital entrepeneaurship |
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must sacrifice some of one good to obtain more of another
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production possiblities table
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as the productions of a particular good increases, the opportunity cost of producing an additional unit rises
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law of increasing opportunity cost
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what is economics?
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how society makes choices under scarcity.
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pleasure or happiness or satisfaction
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utility
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need to make choices because economic wants exceed economic means
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economizing problem
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what you can and can't afford
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attainable and unattainable
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displays different combinations of goods and services that societies can produce in a fully employed economy.
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production possibilities curve
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comparisons of marginal benefit and marginal costs
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optimal allocation
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