Microeconomics day 1 que cards
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9 Terms
What is economics?
A framework for thinking and making good decisions.
What is economic surplus?
The benefits you get minus the costs you incur.
What does the cost-benefit principle say?
Pursue an action when its benefits are at least as great as its costs.
What is opportunity cost?
The value of the next best alternative you give up when you make a choice.
What is a sunk cost?
A cost that has already happened and cannot be recovered.
What is the marginal principle?
Decide whether doing one more is worth it. Keep going until marginal benefit equals marginal cost.
What is the interdependence principle?
Your best choice depends on other choices and circumstances.
What can a production possibilities frontier (PPF) show?
Scarcity, trade-offs, opportunity cost, efficiency, and productivity.
What is a framing effect?
The same outcome can sound different depending on how it is described—for example, 90% survive versus 10% die. Focus on the actual costs and benefits.