1A
What is economics?
The common-sense science of how and why people, business and government choices they do.
What is an economic cost?
The value people place on a good or service.
What is microeconomics?
The study that deals with choices made by individuals.
What two contradictory ideas result in the necessity of choice?
Unlimited wants and limited resources.
What is an opportunity cost?
The satisfaction you give up for not choosing differently.
What is macroeconomics?
The study that deals with large-scale economic choices and issues.
What prevents us from obtaining everything we want?
What is scarcity?
What is an economic good?
Goods that bear a positive economic cost.
What is positive economics?
The approach of observing economic choices and predicting economic events.
Having enough, being satisfied, or not wanting more is what?
What is contentment?
What is a nuisance good?
Goods that bear a negative economic cost.
What is normative economics?
Making value judgments about existing or proposed economic policies.
What is the act of overseeing the profitable use of resources, demonstrating wisdom, and faithfulness.
What is stewardship?
What is subjective value?
The idea that an objects usefulness to the buyer determines its worth.
Who is the founder of the Austrian School of Economics?
Carl Menger