Studied by 0 people
Looks like no one added any tags here yet for you.
Economics
The study of how individuals and societies allocate their limited resources to satisfy their nearly unlimited wants.
Scarcity
The fundamental economic problem that arises because human wants exceed available resources.
Opportunity Cost
The value of the next best alternative forgone when making a choice.
Microeconomics
The study of individual decision-making and markets.
Production Possibilities Frontier (PPF)
A graph that illustrates the trade-offs between two goods given limited resources.
Equilibrium Price
The price at which quantity demanded equals quantity supplied.
Labor Market
A marketplace where firms are demanders of labor and households are suppliers of labor.
Interest Rate
The price of borrowing money, usually expressed as a percentage.
Trade-offs
The alternatives that must be given up when making a choice.
Surplus
A situation in which quantity supplied exceeds quantity demanded.
