Study sets matching "ap economics chapter 1"
Study sets
Diagrams
Classes
Users
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
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…
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
Scarcity
The social science concerned with how individuals, institution…
A viewpoint that envisions individuals and institutions making…
The next best alternative sacrificed/ given up.
The limits placed on the amounts and types of goods and servic…
Economics
The social science concerned with how individuals, institution…
Economic Perspective
A viewpoint that envisions individuals and institutions making…
Scarcity
Economics
Principle #1
Efficiency
society has limited resources and cannot produce all the goods…
the study of how society manages its scarce resources
People Face Trade Off: to get something we like, we have to gi…
The property of society getting the most it can from scarce re…
Scarcity
society has limited resources and cannot produce all the goods…
Economics
the study of how society manages its scarce resources
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
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
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,…
Opportunity Costs
Economics
Utility
Marginal Analysis
Amount of products that must be forgone/sacrificed to produce…
Social science concerned with how individuals, institutions, a…
Pleasure obtained from consuming a good or service
Comparisons of marginal benefits and marginal costs for decisi…
Opportunity Costs
Amount of products that must be forgone/sacrificed to produce…
Economics
Social science concerned with how individuals, institutions, a…
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…
the study of limited resources and unli…
the additional benefit from 1 more of s…
the additional cost of 1 more of someth…
people that are consistent with their p…
economics
marginal benefit
marginal cost
transitive preferences
the study of limited resources and unli…
economics
the additional benefit from 1 more of s…
marginal benefit
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
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…
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
insatiability
scarcity
economic cost
the science of how and why people, businesses, and governments…
the condition of having unlimited wants and thus never being s…
the condition of a good or service being finite or limited in…
the value people place on a good or service - this value helps…
economics
the science of how and why people, businesses, and governments…
insatiability
the condition of having unlimited wants and thus never being s…
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…
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.
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…
Economics
Economic Perspective
Scarcity
Opportunity Cost
The social science concerned with how individuals, institution…
A viewpoint that envisions individuals and institutions making…
The limits placed on the amounts and types of goods and servic…
The amount of other products that must be forgone or sacrifice…
Economics
The social science concerned with how individuals, institution…
Economic Perspective
A viewpoint that envisions individuals and institutions making…
scarcity
choice
resource
capital
The fundamental concept of economics that indicates that there…
The act of selecting among alternatives.
An input used to produce economic goods. Land, labor, skills,…
Human made resources (such as tools, equipment, and structures…
scarcity
The fundamental concept of economics that indicates that there…
choice
The act of selecting among alternatives.