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15 Cards in this Set
- Front
- Back
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Economics is.... |
The branch of knowledge concerned with the production, consumption, and transfer of wealth. |
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Thinking at the margin |
Making a compromise for the greater good |
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Future consequences count |
The decisions you make today will have consequences in the future |
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Cost vs benefits |
Weighing the pros and the cons |
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Scarcity forces trade off |
Unlimited desires, limited resources |
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Incentives matter |
People respond to incentives in general predictable ways |
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Scarcity |
The problem of having seemingly unlimited human wants in a world of limited resources |
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Opportunity cost |
The value of the next highest valued alternative use of that resource |
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Utility |
The measurement of usefulness that a consumer obtains from any good. |
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Enigma |
A person that is mysterious, difficult, or puzzling to understand. |
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Four major factors of production |
Land, labor, capital, entrepreneurship |
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Human capital |
The skills, knowledge, and experience possessed by an individual or population. |
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Goods |
Materials that satisfy human wants and provide utility |
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Goods |
Materials that satisfy human wants and provide utility |
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Services |
An action where a non material exchange of value occurs |
