Microeconomics

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Last updated 1:49 AM on 9/4/26
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10 Terms

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Economics

: study of how society manages its scarce resources

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Efficiency

: society’s property RECIEVING the most FROM its scarce resources

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Principle I

: people face trade offs

to get, we have to give

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Principle II

: cost is what you give up to get an object or service

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Equality

: distribution of economic prosperity uniformly across all members of society

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Opportunity Cost vs Actual Cost

: EVERYTHING that is given up to obtain an item or service

: actual monetary or trade cost of an item

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Margin

: the choice you make when you reach the point of stop (cost> benefit)

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Principle III

:

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