Economics Basics

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Can you name the Economics Basics?

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

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