Econ Week 1 Flashcard

Front

The basic elements from which all goods and services are produced are known as:

Back

resources

Front

What is the fundamental economic problem?

Back

Scarcity

Front

Thinking at the margin means asking this question: What's the benefit of adding one more?

Back

What's the benefit of adding one more?

Front

What is a "tradeoff" in economics?

Back

Giving up something to get something else.

Front

Which is an example of "allocation?"

Back

Centennial decides that the 25 seats in Disco next hexter will only be available to incoming seniors.

Front

Activities produced in an economy, such as healthcare and haircuts.

Back

Services

Front

What is opportunity cost?

Back

The value of the next best alternative that could have been chose, but was not.

Front

Which Principle of Economic Thinking describes the idea that Scarcity forces us to choose which needs and wants to satisfy with available resources?

Back

Scarcity Forces Tradeoffs

Front

Pick the factor that DOES NOT contribute to a comparative advantage when trading: Climate, Technology Differences, Governmental Regulations, Wage Levels

Back

Governmental Regulations

Front

How can you tell something is "scarce," not "rare?"

Back

When something is scarce, it exists frequently, there just isn't enough for everyone who wants it. When it's rare, it hardly ever exists or can hardly ever be found.