Study sets matching "ap economics chapter 1"
Study sets
Classes
Users
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
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
Economics
Efficiency
Equality
the limited nature of society's resources
the study of how society manages its scarce resources
when society gets the most from its scarce resources.
when prosperity is distributed uniformly among society's membe…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
Economic perspective
Marginal analysis
Marginal
Scientific method
The economic way of thinking.
Comparisons of marginal benefits and marginal costs.
Extra; additional; a change in.
Observation of facts; based on facts, formulation of possible…
Economic perspective
The economic way of thinking.
Marginal analysis
Comparisons of marginal benefits and marginal costs.
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
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
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…
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
Efficiency
Equity
limited resources and unlimited wants
study of how society manages its scarce resources
the property of society getting the most from its scarce resou…
the property of distributing output fairly among society's mem…
Scarcity
limited resources and unlimited wants
Economics
study of how society manages its scarce resources
Opportunity cost
Scarcity
Marginal analysis
Other things equal assumption
The value/cost of the next best alternative choice, which is g…
A situation when the available resources cannot match the dema…
A tool which compares the additional revenue/profit compared t…
An assumption in a model that all factors and conditions relev…
Opportunity cost
The value/cost of the next best alternative choice, which is g…
Scarcity
A situation when the available resources cannot match the dema…
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…
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,…
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
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
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
Utility
Marginal Analysis
Theoretical Economics
The social science concerned with the efficient use of scarce…
Pleasure, happiness, or satisfaction
Comparisons of marginal benefits, and marginal costs
The process of deriving theories and principles
Economics
The social science concerned with the efficient use of scarce…
Utility
Pleasure, happiness, or satisfaction
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
economics
economic perspective
opportunity cost
utility
the social science concerned with how individuals, institution…
a viewpoint that envisions individuals and institutions making…
the amount of other products that must be forgone or sacrifice…
the want-satisfying power of a good or service; the satisfacti…
economics
the social science concerned with how individuals, institution…
economic perspective
a viewpoint that envisions individuals and institutions making…
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
Scarce
Trade-Off
Opportunity Cost
efficient
a resource is not available in sufficient quantities to satisf…
When you give off something in order to have something else.
The real cost of the item; what you have to give up for what y…
describes a market or economy in which there is no way to make…
Scarce
a resource is not available in sufficient quantities to satisf…
Trade-Off
When you give off something in order to have something else.
economics
economic perspective
opportunity cost
utility
the social science concerned with how individuals, institution…
a viewpoint that envisions individuals and institutions making…
the amount of other products that must be forgone or sacrifice…
the want-satisfying power of a good or service; the satisfacti…
economics
the social science concerned with how individuals, institution…
economic perspective
a viewpoint that envisions individuals and institutions making…
Economics
Equality
Scarcity
Effciency
The study of how society manages its scarce resources
The property of distributing economic prosperity uniformly amo…
The limited nature of society's resources
The property of the society getting the most it can from its s…
Economics
The study of how society manages its scarce resources
Equality
The property of distributing economic prosperity uniformly amo…