Study sets matching "ap economics chapter 1"
Study sets
Diagrams
Classes
Users
Economics
Efficiency
Equality
Opportunity Cost
The study of how society manages its scare resources.
The property of society getting the most it can from its scarc…
The property of distributing economic prosperity uniformly amo…
Whatever must be given up to obtain some item.
Economics
The study of how society manages its scare resources.
Efficiency
The property of society getting the most it can from its scarc…
economics
economic perspective
scarcity
"There is no free lunch"
the efficient use of scarce resources to achieve the maximum s…
the economical way of thinking. always doing what makes the mo…
because the number of resources and supply of goods is limited…
although you may not need to pay money for your meal, it costs…
economics
the efficient use of scarce resources to achieve the maximum s…
economic perspective
the economical way of thinking. always doing what makes the mo…
Economics
Economic Perspective
Opportunity Cost
Utility
The social science concerned with how individuals, institution…
The economic way of thinking
The sacrifices that society makes to acquire certain goods and…
The pleasure, happiness, or satisfaction obtained from consumi…
Economics
The social science concerned with how individuals, institution…
Economic Perspective
The economic way of thinking
Scarcity
Trade Off
Opportunity Cost
Marginal Benefit
Unlimited wants and needs but limited resources to meet those…
Having to choose between two options
The second best alternative given up when making a choice
The additional benefit earned when doing one more of something
Scarcity
Unlimited wants and needs but limited resources to meet those…
Trade Off
Having to choose between two options
Scarcity
Economics
Efficiency
Equity
The limited nature of society's resources
The study of how society manages its scarce resources
The property of society getting the most it can from its resou…
The property of distributing economic prosperity fairly among…
Scarcity
The limited nature of society's resources
Economics
The study of how society manages its scarce resources
Economics
Economic Perspective
Opportunity Cost
Utility
The social science concerned with how individuals, institution…
The economic way of thinking
The sacrifices that society makes to acquire certain goods and…
The pleasure, happiness, or satisfaction obtained from consumi…
Economics
The social science concerned with how individuals, institution…
Economic Perspective
The economic way of thinking
Economy
Economics
Market Economy
Invisible Hand
A system for coordinating society's productive activities.
The social science that studies the production, distribution,…
An economy in which decisions about production and consumption…
The way in which the individual pursuit of self-interest can l…
Economy
A system for coordinating society's productive activities.
Economics
The social science that studies the production, distribution,…
Scarcity
Economics
Efficiency
Equality
The limited nature of society's resources
The study of how society manages its scarce resources
The property of society getting the most it can from its scarc…
The property of distributing economic prosperity uniformly amo…
Scarcity
The limited nature of society's resources
Economics
The study of how society manages its scarce resources
economics
individual choice
economy
market economy
the study of scarcity and choice
decisions by individuals about what to do, which necessarily i…
a system for coordinating a society's productive and consumpti…
decisions of individual producers and consumers largely determ…
economics
the study of scarcity and choice
individual choice
decisions by individuals about what to do, which necessarily i…
business cycle
economics
efficiency
equality
fluctuations in economic activity, such as employment and prod…
the study of how society manages its scarce resources
the property of society getting the most it can from its scarc…
the property of distributing economic prosperity uniformly amo…
business cycle
fluctuations in economic activity, such as employment and prod…
economics
the study of how society manages its scarce resources
Economics
Individual Choice
Economy
Market Economy
the study of scarcity and choice
decisions by individuals about what to do, which necessarily i…
a system for coordinating a society's productive and consumpti…
the decisions of individual producers and consumers largely de…
Economics
the study of scarcity and choice
Individual Choice
decisions by individuals about what to do, which necessarily i…
resource
scarce
opportunity cost
trade off
anything that can be used to produce something else
when the quantity of the resource available isnt large enough…
what you lose in order to get something that you want
a comparison of costs and benefits
resource
anything that can be used to produce something else
scarce
when the quantity of the resource available isnt large enough…
Scarcity
economics
Goods and services
Self interest
inability to satisfy all our wants
the social science that studies the choices that individuals,…
objects and actions that people value and produce to satisfy h…
Choices that are the best for the individual who makes them
Scarcity
inability to satisfy all our wants
economics
the social science that studies the choices that individuals,…
Scarcity
Economics
Efficiency
Equality or equity
The limited nature of society's resources
The study of how society manages its scarce resources
The property of society getting the most it can from its scarc…
The property of distributing economic prosperity uniformly amo…
Scarcity
The limited nature of society's resources
Economics
The study of how society manages its scarce resources
Economics
Individual choice
Economy
Market Economy
The study of scarcity and choice
Decisions by individuals about what to do, which necessarily i…
A system for coordinating a society's productive and consumpti…
The decisions of individual producers and consumers largely de…
Economics
The study of scarcity and choice
Individual choice
Decisions by individuals about what to do, which necessarily i…
Economics
Economic Perspective
Opportunity Cost
Utility
The social science concerned with how individuals, institution…
The economic way of thinking
The sacrifices that society makes to acquire certain goods and…
The pleasure, happiness, or satisfaction obtained from consumi…
Economics
The social science concerned with how individuals, institution…
Economic Perspective
The economic way of thinking
Scarcity
Opportunity Cost
Economics
Efficiency
A state of unlimited wants and limited resources
The forgone benefit of the next best alternative when scarce r…
The study of how society manages its scarce resources.
The property of society getting the most it can from its scarc…
Scarcity
A state of unlimited wants and limited resources
Opportunity Cost
The forgone benefit of the next best alternative when scarce r…
Opportunity Cost
Scarcity
Marginal Analysis
Other things equal assumption
Cost of the next best alternative use of money, time, or resou…
A situation in which unlimited wants exceed the limited resour…
focuses on the changes in total revenue and total cost from se…
in the development of a model, the assumption that all relevan…
Opportunity Cost
Cost of the next best alternative use of money, time, or resou…
Scarcity
A situation in which unlimited wants exceed the limited resour…
Economics
Economics Application
Economics Analysis
Entrepreneurship
The production, consumption, and transfer of wealth.
Study of the stock market.
Economic and government growth are linked because a government…
The putting together of useful things to create new innovation…
Economics
The production, consumption, and transfer of wealth.
Economics Application
Study of the stock market.
Economics
Economic perspective
Scarcity
Opportunity costs
The social science concerned with how individuals, institution…
Economic way of thinking
Limited supply/resources; restricts options and demands choices
To obtain more of one thing, society forgoes the opportunity o…
Economics
The social science concerned with how individuals, institution…
Economic perspective
Economic way of thinking
Law of increasing opportunity cost
Economic growth
Economics
Economic perspective
principle that states that once all factors of production (lan…
an increase in the amount of goods produced per head of the po…
studies the choice people make because of scarcity.
different viewing of economics theory seeing where you are wit…
Law of increasing opportunity cost
principle that states that once all factors of production (lan…
Economic growth
an increase in the amount of goods produced per head of the po…
Economic Perspective
Economic POV: Scarcity
"No free lunch"
Opportunity costs
Economic way of thing
Economists view the world through those lens, as scarce econ r…
Means someone always bears a cost for something.
To obtain one thing, society forgoes the opportunity of gettin…
Economic Perspective
Economic way of thing
Economic POV: Scarcity
Economists view the world through those lens, as scarce econ r…
Marginal Analysis
Opportunity Cost
Market Economy
Scarcity
This refers to the weighing the additional cost of doing an ac…
When choosing between options, opportunity cost refers to the…
An economy where prices and types of goods to be produced are…
Scarcity refers to the problem that we have limited resources…
Marginal Analysis
This refers to the weighing the additional cost of doing an ac…
Opportunity Cost
When choosing between options, opportunity cost refers to the…