Unit #1 - Intro to Economics

Front

Scarcity

Back

Limited resources and unlimited wants (e.g., not enough water during a drought).

Front

Factors of Production

Back

Land, labor, capital (physical and human), entrepreneurship.

Front

Microeconomics

Back

Study of individuals, households, and businesses (e.g., how Walmart sets prices).

Front

Macroeconomics

Back

The study of the entire economy (e.g., measuring GDP growth).

Front

Trade-off

Back

Giving up one thing to gain another (e.g., working instead of watching Netflix).

Front

Cost-Benefit Principle

Back

Compare costs and benefits before deciding (e.g., is the $5 latte worth it?).

Front

Opportunity Cost

Back

The value of the next-best alternative given up (e.g., skipping a party to study).

Front

TNSTAAFL

Back

There is no such thing as a free lunch—everything has a cost.

Front

Marginal Principle

Back

Deciding if the next unit is worth it (e.g., studying one more hour before a test).

Front

Utility

Back

Satisfaction gained from using a good or service (e.g., happiness from new shoes).