ECON 2030 EXAM 1 TERMS

0.0(0)
Studied by 1 person
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/7

flashcard set

Earn XP

Description and Tags

Macroeconomics

Last updated 4:36 AM on 9/19/22
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai

No analytics yet

Send a link to your students to track their progress

8 Terms

1
New cards
Economics
study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities
2
New cards
Scarcity
the goods available are too few to satisfy individuals' desires
3
New cards
Microeconomics
the study of individual choice, and how that choice is influenced by economic forces
4
New cards
Macroeconomics
the study of the economy as a whole
5
New cards
Marginal Cost
the additional cost to you over and above the costs you have already incurred
6
New cards
Sunk Costs
costs that have already been incurred and cannot be recovered
7
New cards
Marginal Benefit
the additional benefit above what you've already derived
8
New cards
Opportunity Cost
the benefit that you might have gained from choosing the next best alternative