POEB1 - Terms W1

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Last updated 7:24 AM on 10/9/26
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5 Terms

1
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3 big economic ideas?

  1. incentives matter

  2. good institutions align with self-interest with social interest

  3. trade-offs are everywhere


2
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what is scarcity?

unlimited wants, limited resources

3
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what is the Great Economic Problem?

how to arrange our scarce resources to satisfy as many of our wants as possible

4
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what is opportunity costs?

 the value of the opportunities lost by picking the other option

5
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what is marginal cost?

 the additional cost from adding one unit