Chapter 1 Intro to Economics Flashcard

Front

What is scarcity?

Back

The condition that results from having unlimited wants with limited resources.

Front

What is choice?

Back

The act of picking or deciding

Front

Something you can't live without

Back

Need

Front

Why was money used?

Back

Avoid the limitations of bartering

Front

What is opportunity cost?

Back

The value of the next best alternative foregone.

Front

A person who buys goods and services

Back

consumer

Front

What does barter mean?

Back

to trade, to give someone something (item) and get something in return, to give in exchange

Front

Money & manmade objects owned by a business to help make a product or perform a service.

Back

are called capital.

Front

What is the opportunity cost of Jamie choosing to buy a Mountain Dew instead of other options?

Back

the Pepsi or the bag of chips, whichever the best alternative given up.

Front

What branch of economics studies the economy as a whole?

Back

Macroeconomics