Economics Concepts and Definitions
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A set of flashcards covering key economic terms and definitions based on lecture notes.
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10 Terms
Economy
The study on how the economy reacts.
Scarce resources
Resources that are limited in availability.
Opportunity Cost (OC)
The value of what is given up to gain something else.
Externality
The impact on the well-being of a bystander.
Invisible Hand
The concept that individuals using their self-interest in a free market can lead to positive societal outcomes.
Rationality
Using resources effectively to achieve goals.
Market Power
The ability to influence the market price.
Specialization
Focusing on the work that one is skilled at.
Production Possibility Frontier (PPF)
The mix of all goods that an economy can produce.
Absolute Cost
The absolute quantity of an input needed for production.
Note 
Flashcards (39)