CHAPTERS 1 & 2: BASIC ECONOMICS TERMINOLOGY

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Economics

University/Undergrad

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16 Terms

1
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Choice
Sacrificing an opportunity to pursue one or more real alternatives. For a choice to exist, an alternative must exist.
2
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Trade-off
3
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Opportunity cost
The cost of choosing one alternative over another
4
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Scarcity problem
Unlimited wants, limited resources
5
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Economic means
6
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Economic ends
7
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Free market
8
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Price stability
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9
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High employment
10
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Payments stability
11
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Distribution of income
12
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Economic growth
13
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Financial intermediaries
14
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Government
15
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Foreign sector
16
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