Studied by 2 people
incentive
A(n) ________ is a reward than encourages an action or a penalty that discourages an action.
Sunk cost
cost in the past, cant be reversed
Your choices
If you take an econ class, you wont be able to take other classes at the same time
Others choices
If another student takes the last spot, youll have to pick a different class
Future choices
Your decision to study Econ today changes the classes you meet the prerequisites for
behavioral/social
Economics is called a ____________ science.
time
What is the ultimate scarce resource that affects everyone?
disincentive
"I won't smoke cigarettes because they will make me sick."
This is opposite of an incentive, also called a ___________.
land, labor, capital, entrepreneurship
What are the four factors of production?
services
tasks that accomplish something for people, and which people are probably willing to pay money for
Note 
Flashcard (20)