• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
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

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/15

Click to flip

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.