Introduction to Economics

Introduction to Economics

Assessment

Flashcard

Other

University

Practice Problem

Hard

Created by

ryna ryna

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33 questions

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1.

FLASHCARD QUESTION

Front

What is Economics?

Back

The study of how individuals, firms, and governments allocate scarce resources to satisfy unlimited wants.

2.

FLASHCARD QUESTION

Front

Define Scarcity.

Back

Limited resources (time, money, raw materials, labor).

3.

FLASHCARD QUESTION

Front

What is Choice in economics?

Back

Because resources are scarce, people must decide what to use them for.

4.

FLASHCARD QUESTION

Front

What are Trade-offs?

Back

Every choice involves giving up something else.

5.

FLASHCARD QUESTION

Front

What is Opportunity Cost?

Back

The next best alternative forgone when making a decision.

6.

FLASHCARD QUESTION

Front

Give an example of Opportunity Cost.

Back

Choosing to study instead of working = lost wages are the opportunity cost.

7.

FLASHCARD QUESTION

Front

What is Microeconomics?

Back

Studies individual decision-making units (households, firms, markets).

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