Basic Economics Terms
0.0(0)
Learn
Practice Test
Spaced Repetition
Match
FlashcardsCard Sorting
1/7
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
8 Terms
1
New cards
Scarcity
not having enough resources to produce all the things we want
2
New cards
Economics
study of decisions people make because of scarcity
3
New cards
Cost & Benefit
unfavorable things; favorable things to a decision maker
4
New cards
Utility
satisfaction received from decision
5
New cards
Incentive
something to persuade a person toward a behavior/decision
6
New cards
Trade-off
giving up something in order to get something else
7
New cards
Opportunity Cost
The best thing given up when a choice is made; the second choice
8
New cards
Sunk Cost
a cost already incurred that cannot be recovered
Note 
Flashcards (20)