10 Principles of Economics
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Hard
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4 questions
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1.
FLASHCARD QUESTION
Front
Economics is best defined as the study of how society manages its scarce resources.
Back
how society manages its scarce resources.
2.
FLASHCARD QUESTION
Front
Your opportunity cost of going to a movie is
Back
the total cash expenditure needed to go to the movie plus the value of your time.
3.
FLASHCARD QUESTION
Front
A marginal change is one that
Back
incrementally alters an existing plan.
4.
FLASHCARD QUESTION
Front
Because people respond to incentives, what can policymakers do?
Back
Policymakers can alter outcomes by changing punishments or rewards, policies can have unintended consequences, and society faces a trade-off between efficiency and equality.
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