Introduction to Economics

Front

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

Back

Scarcity

Front

The highest-valued alternative that must be given up to engage in an activity.

Back

Opportunity Cost

Front

The study of the economy as a whole...

Back

Macroeconomics

Front

The study of behavior of individual households, firms, and governments...

Back

Microeconomics

Front

Which type of economic system has the highest level of government control? Options: traditional economy, market economy, command economy, mixed economy

Back

command economy

Front

Economy in which people make economic decisions based on their group's customs and values. Not common today.

Back

Traditional Economy

Front

Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit.

Back

Market Economy

Front

TINSTAFL

Back

There is no such thing as free lunch

Front

Economics is the study of: How people use scarce resources to satisfy their wants

Back

How people use scarce resources to satisfy their wants

Front

How do economic systems differ?

Back

By the level of government control