onramp economics unit 1

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Last updated 1:02 PM on 8/24/26
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7 Terms

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Scarcity

unlimited wants but limited resources.

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Opportunity cost

Most desirable alternative given up when you make a choice

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Economics

Analyzed the most efficient way to use our money and resources

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Incentives

A promise of reward or rules to make you want to do a specific thing.

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Trade-Offs

Giving up one thing to get something else.

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Macroeconomics

Study of the whole economy ( inflation, and unemployment) to speed up or slow down economy.

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Microeconomics

Study of individual people, businesses and small parts of economy