Final Fundamental Principles of Economics
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8 Terms
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goods and services
Our standard of living is influenced by our ability to produce ?
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Productivity
? differs across countries
due to
level of tech
education
worker skills
type of work
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Inflation
overall rise in price levels
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excess
prices often rise due to an ? amount of money in circulation
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more, less
The ? of something that exists, the ? valuable it is
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Utility
the ultimate goal in life is maximizing ? (aka satisfaction)
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diminishing
EVERYTHING in life exhibits ? marginal utility
successive amounts of anything will provide less and less overall satisfaction
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Diminishing marginal returns
productivity eventually dips with successive amounts of labor
“too many cooks in the kitchen”
Note 
Flashcards (84)