Economics Final Study Guide 2024

Front

What is rationing?

Back

A system of allocating scarce goods and services

Front

Marginal Cost

Back

The additional cost of producing one more unit

Front

A decision at the margin is:

Back

a choice made by comparing the additional benefits and costs of a decision

Front

When should you complete the study guide and practice?

Back

Before your final

Front

What are the three basic questions a country must answer?

Back

What to produce, how to produce, and for whom to produce

Front

Income Distribution

Back

Income distribution refers to how a nation’s total earnings are divided among its people.

Front

Globalization

Back

Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.

Front

What do economists believe people respond to?

Back

Incentives

Front

Profit

Back

Profit is the financial gain made in a transaction, which is the difference between the amount earned and the amount spent in buying, operating, or producing something.

Front

Market

Back

A market is any structure that allows buyers and sellers to exchange goods, services, or information.