(CP) Economics and Personal Finance - Basic Economic Terms

0.0(0)
studied byStudied by 0 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/7

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

8 Terms

1
New cards

scarcity

not having enough resources to produce all the things we want

2
New cards

economics

study of decisions people make because of scarcity

3
New cards

cost & benefit

unfavorable things; favorable things to a decision maker

4
New cards

utility

satisfaction received from decision

5
New cards

incentive

something to persuade a person toward a behavior/decision

6
New cards

trade-off

giving up something in order to get something else

7
New cards

opportunity cost

the best thing given up when a choice is made; the second choice

8
New cards

sunk cost

a cost already incurred that cannot be recovered