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7 Cards in this Set
- Front
- Back
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Economics
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Study of how people make choices under conditions of scarcity and the results of these choices for society.
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Economic Decision
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Decision where securing something of value means going without some other thing of value
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Economic Naturalist
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Someone who uses basic economic concepts to make sense of observations about all aspects of everyday life
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Scarcity (No-Free-Lunch)
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Unlimited needs and wants against limited resources. Having more of one good thing means having less of another
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Cost- Benefit Principle
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Take action if, and only if, the extra benefits outweigh the extra costs.
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Economic Surplus
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The gain that results from taking an action when the benefits outweigh the costs
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Opportunity Cost
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The value of the next best alternative to an action
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