
Economic Concepts Flashcards

Flashcard
•
Social Studies
•
11th Grade
•
Hard
Alexander Cave
FREE Resource
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30 questions
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1.
FLASHCARD QUESTION
Front
Value judgement
Back
A view about what is right or wrong, good or bad in a moral sense. Often includes words like 'should' or 'ought'.
2.
FLASHCARD QUESTION
Front
Economic activity
Back
The production, consumption, exchange, and distribution of goods and services.
3.
FLASHCARD QUESTION
Front
Production possibility boundary (PPB)
Back
Also known as the production possibility curve (PPC) or frontier (PPF), it shows quantities of two goods or services producible with full resource employment and current technology.
4.
FLASHCARD QUESTION
Front
Marginal utility
Back
The change in total utility from the consumption of one more, or one fewer, goods or services.
5.
FLASHCARD QUESTION
Front
Imperfect information
Back
When an economic agent lacks all the information needed to make a rational decision, or the information is distorted.
6.
FLASHCARD QUESTION
Front
Bounded rationality
Back
The idea that human limitations mean decision making is not completely rational. Individuals choose an option that is satisfactory rather than optimal.
7.
FLASHCARD QUESTION
Front
Rules of thumb
Back
Mental shortcuts, based on experience, that enable individuals to make decisions more quickly and easily.
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