PSB Unit 2

Front

The study of scarcity

Back

Economics

Front

Having limited resources.

Back

Scarcity

Front

What to produce, how to produce it, and whom to produce it for are the three

Back

Economic Questions

Front

The value of the next best use of your resources

Back

Opportunity Cost

Front

Expenses that do not change from month to month, such as rent.

Back

Fixed Cost

Front

Expenses that can vary from month to month

Back

Variable Cost

Front

Where the buying and selling of goods and services occurs

Back

Market

Front

An economic system that emphasizes the profit motive and is largely dictated by supply and demand

Back

Capitalism

Front

The act of buyers and sellers freely and willingly engaging in market transactions

Back

Voluntary Exchange

Front

Actions used to encourage us to act in a certain way or spend our money.

Back

Incentives