Economic Principles

0.0(0)
Studied by 2 people
call kaiCall Kai
Locked
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/8

flashcard set

Earn XP

Description and Tags

Macroeconomics

Last updated 11:43 PM on 9/11/22
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai
Chat

No analytics yet

Send a link to your students to track their progress

9 Terms

1
New cards
Principal 1
People economize and all economic actions are driven by decisions.
2
New cards
Economizing
Choosing the option with the greatest benefit and lowest cost
3
New cards
Principle 2:
All choices involve opportunity cost.
4
New cards
Principle 3:
People respond to incentives in predictable ways.
5
New cards
Incentives
rewards and actions that encourage behavior
6
New cards
Principle 4
Economic systems influence individual choices and incentives.
7
New cards
Economic systems
Any formalized rules, systems, or customs
8
New cards
Principle 5
Voluntary trade creates wealth
9
New cards
Principle 6
The consequences of choices lie in the future