Front

Economic thinking

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involves a purposeful evaluation of available opportunities to make the best decisions possible.

Front

Marginal thinking

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requires decisions makers to evaluate whether the benefit of one more unit of something is greater than its cost.

Front

Marginal analysis

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a process that economic thinkers use to break decisions into smaller parts

Front

This brings buyers and sellers together to exchange goods and services

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markets

Front

This is the voluntary exchange of goods and services between two or more parties.

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market

Front

This refers to the situation where an individual, business, or country can produce at a lower opportunity cost than a competitor can.

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comparative advantage

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This refers to the inherently limited nature of society's resources, given society's unlimited wants and needs.

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scarcity

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the study of individuals and societies allocate their limited resources to satisfy their practically unlimited wants

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economics

Front

the study of individual units that make up the economy

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microeconomics

Front

What are the five foundations of economics?

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incentives, trade-offs, opportunity costs, marginal thinking, and trade creates value