HNR Economics - Study Unit 1

Front

Scarcity

Back

Not having enough resources to meet everyone’s wants.

Front

Opportunity Cost

Back

What you give up when you choose one thing over another.

Front

Role of Scarcity in Economics

Back

Scarcity limits the resources available to satisfy the needs and wants of society.

Front

Opportunity Cost in Decision Making

Back

Represents the value of what is given up when a choice is made.

Front

Incentives in Economics

Back

Incentives play a role in shaping how decisions are made in various economic scenarios.

Front

Production Possibilities Curve

Back

Demonstrates trade-offs and opportunity costs in economic decisions.

Front

Problem to Solve in Economics

Back

How do we prioritize our needs and wants in a world of limited resources?

Front

Incentives

Back

Things that encourage people to act in a certain way, like rewards or punishments.

Front

Trade-offs

Back

Giving up one thing to get something else.

Front

Productivity

Back

How much is produced in a given time period.