Show:
10 Principles
10 Principles cont.
Random Vocab. I
Random Vocab. II
Random Vocab. III
100
what people give up to get what they want (2 words)
Opportunity Cost
100
a small action to can produce a better outcome (about 4 words)
Marginal Change vs. Marginal Benefit
100
everyone receives the same amount of resources
Equality
100
a small change for a better outcome (2 words)
Marginal Change
100
statements based on opinion (1-2 words)
Normative Statement
200
Trade is ____________
Beneficial
200
___________ Economy is Preferred
Market
200
limited resources
scarcity
200
a benefit due to a small change (2 words)
Marginal Benefit
200
a statement based on factual evidence
positive statement
300
What happens to prices when the government spends money?
prices rise
300
People Respond to ________________
Incentives
300
the study of how society manages its resources
Economics
300
something to get someone to do something
Incentive
300
a branch of economics that studies how consumers and businesses make decisions
Microeconomics
400
this affects our standard of living (about 5 words)
production of goods and services
400
this makes sure our market economies work (about 1 word)
the government
400
using resources to its maximum benefit
efficiency
400
this type of economy is made up of the decisions of millions of businesses and consumers (1-2 words)
Market Economy
400
a branch of economics that studies worldwide patterns and money
Macroeconomics
500
Inflation Increases __________________
Employment
500
____________ vs. Equality
Efficiency
500
people who apply reason to make decisions (1-2 words)
Rational People
500
when money is worth less than before (1 word)
Inflation
500
the extent to how much a company affects overall prices (2 words)
Market Power