| 7 of the 10 Principles that apply to Microeconomics |
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| The study of how people make choices under conditions of scarcity, and of the results of those choices for society |
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| Society has limited resources and therefore cannot produce all of the goods and services people wish they had |
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| A person is rational if they do something when the marginal benefits are higher than the marginal costs |
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| The extra costs of making a decision |
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| The extra benefits of making a decision |
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| A change in marginal costs or benefits that influence a person to make that decision |
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| The exchanging of goods or services |
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| A group of buyers and sellers of a particular good or service |
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| An economy that allocates resources through the decentralized decisions of many firms and households |
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| Reasons people would want government interaction on a market |
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| A market that is perfectly competitive |
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| Graph that shows the combinations of output that the economy can possibly produce |
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| The study of how households and firms make decisions and how they interact in markets |
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| The study of economy wide phenomena, inluding inflation, unemployment, and economic growth |
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| Claims that attempt to describe the world as it is |
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| Claims that attempt to prescribe how the world should be |
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| Diagram that shows the flow of goods and revenue through the economy |
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| Whatever must be given up to obtain some item |
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| The ability to produce a good using fewer inputs than another producer |
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| The ability to produce a good at a lower opportunity cost than another producer |
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| Goods produced abroad and sold domestically |
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| Goods produced domestically and sold abroad |
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'A' Game
Common Passwords
Fast Food Restaurants
