01: Introduction to Economics
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19 Terms
What is economics?
What is the difference between microeconomics and macroeconomics?
What basic assumption does economist hold about people?
What are the four productive resources?
What does scarcity mean?
What is opportunity cost?
What is a rationing mechanism?
Limited resources and unlimited desires create certain assumptions, name four.
What are marginal benefits and marginal costs?
What are economic theories?
What are economic “laws”?
What does “ceteris paribus” mean?
What is the difference between positive and normative economics?
What is the fallacy of composition?
What is the fallacy of association (post-hoc)?
What is a circular flow diagram?
What principles determine how people make decisions?
What principles determine how people interact?
What principles determine how the economy as a whole work?
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