FINAL EXAM REVIEW

Front

The value of your next best alternative choice. An essential idea to economic basics

Back

Opportunity Cost

Front

The study of small principles of economics. Profit, product price, and competition are examples of topics

Back

Microeconomics

Front

The study of what people do with the scarce resources around them in the world

Back

Economics

Front

The study of big picture concepts in economics. Trade, unemployment, and taxes are examples

Back

Macroeconomics

Front

The idea that resources are limited and wants are unlimited

Back

Scarcity

Front

When the price of one product drops, demand for related products increases (like peanut butter and jelly)

Back

Complementary Good

Front

The process of putting money aside in the hopes that it gains value

Back

Investment

Front

A business that has some competition, sells similar items to its competitors, has many barriers to entry, and is sort of in control of prices

Back

Oligopoly

Front

A business where there is only one owner, they have all the liability (risk), make all the decisions, do all the work.

Back

Sole-proprietor

Front

A set of buyers and sellers where there is no government involvement. All decisions are determined by buyers and sellers

Back

Pure Market