WGU FPC1 Microeconomics studyFTC1-WGU
guide
Study this set o nline at: https://www.cram.co m/flashcards/-6667030
T he condi ti on that ari ses because wants exceed the abi l i ty of resources to
Scarci ty
sati sf y them (our i nabi l i ty to sati sf y al l our wants)?
T he soci al sci ence that studi es the choi ces that i ndi vi dual s, busi nesses,
governments, and enti re soci eti es make as they cope wi th scarci ty, the i ncenti ves E conomi cs
that i nf l uence those choi ces, and the arrangements that coordi nate them?
T he study of the choi ces that i ndi vi dual s and busi nesses make and the way these
Mi croeconomi cs
choi ces i nteract and are i nf l uenced by governments?
T he study of the aggregate (or total ) ef f ects on the nati onal economy and the
gl obal economy of the choi ces that i ndi vi dual s, busi nesses, and governments Macroeconomi cs
make?
1
,WGU FPC1 Microeconomics studyFTC1-WGU
guide
Study this set o nline at: https://www.cram.co m/flashcards/-6667030
Obj ects and acti ons that peopl e val ue and produce to sati sf y human wants? Goods and servi ces
Obj ects that sati sf y wants? Runni ng shoes and ketchup are exampl es. Goods
Acti ons that sati sf y wants? H ai rcuts and rock concerts are exampl es. Servi ces
T he choi ces that are best f or the i ndi vi dual who makes them? Sel f -i nterest
2
,WGU FPC1 Microeconomics studyFTC1-WGU
guide
Study this set o nline at: https://www.cram.co m/flashcards/-6667030
T he choi ces that are best f or soci ety as a whol e? Soci al i nterest
T he soci al i nterest has what two di mensi ons? ef f i ci ency and equi ty
1. A choi ce i s a tradeof f , 2. Peopl e make rati onal choi ces by compari ng benef i ts
and costs, 3. Benef i t i s what you gai n f rom somethi ng, 4. Cost i s what you must
What are the si x i deas that def i ne the economi c way of thi nki ng?
gi ve up to get somethi ng, 5. Most choi ces are "how much" choi ces made at the
margi n, and 6. Choi ces respond to i ncenti ves
An exchange—gi vi ng up one thi ng to get somethi ng el se? T radeof f
3
, WGU FPC1 Microeconomics studyFTC1-WGU
guide
Study this set o nline at: https://www.cram.co m/flashcards/-6667030
A choi ce that uses the avai l abl e resources to best achi eve the obj ecti ve of the
Rati onal choi ce
person maki ng the choi ce?
We make rati onal choi ces by compari ng? benef i ts and costs
T he gai n or pl easure that somethi ng bri ngs? Benef i t
E conomi sts measure benef i t as? the most that a person i s wi l l i ng to gi ve up to get somethi ng
4
guide
Study this set o nline at: https://www.cram.co m/flashcards/-6667030
T he condi ti on that ari ses because wants exceed the abi l i ty of resources to
Scarci ty
sati sf y them (our i nabi l i ty to sati sf y al l our wants)?
T he soci al sci ence that studi es the choi ces that i ndi vi dual s, busi nesses,
governments, and enti re soci eti es make as they cope wi th scarci ty, the i ncenti ves E conomi cs
that i nf l uence those choi ces, and the arrangements that coordi nate them?
T he study of the choi ces that i ndi vi dual s and busi nesses make and the way these
Mi croeconomi cs
choi ces i nteract and are i nf l uenced by governments?
T he study of the aggregate (or total ) ef f ects on the nati onal economy and the
gl obal economy of the choi ces that i ndi vi dual s, busi nesses, and governments Macroeconomi cs
make?
1
,WGU FPC1 Microeconomics studyFTC1-WGU
guide
Study this set o nline at: https://www.cram.co m/flashcards/-6667030
Obj ects and acti ons that peopl e val ue and produce to sati sf y human wants? Goods and servi ces
Obj ects that sati sf y wants? Runni ng shoes and ketchup are exampl es. Goods
Acti ons that sati sf y wants? H ai rcuts and rock concerts are exampl es. Servi ces
T he choi ces that are best f or the i ndi vi dual who makes them? Sel f -i nterest
2
,WGU FPC1 Microeconomics studyFTC1-WGU
guide
Study this set o nline at: https://www.cram.co m/flashcards/-6667030
T he choi ces that are best f or soci ety as a whol e? Soci al i nterest
T he soci al i nterest has what two di mensi ons? ef f i ci ency and equi ty
1. A choi ce i s a tradeof f , 2. Peopl e make rati onal choi ces by compari ng benef i ts
and costs, 3. Benef i t i s what you gai n f rom somethi ng, 4. Cost i s what you must
What are the si x i deas that def i ne the economi c way of thi nki ng?
gi ve up to get somethi ng, 5. Most choi ces are "how much" choi ces made at the
margi n, and 6. Choi ces respond to i ncenti ves
An exchange—gi vi ng up one thi ng to get somethi ng el se? T radeof f
3
, WGU FPC1 Microeconomics studyFTC1-WGU
guide
Study this set o nline at: https://www.cram.co m/flashcards/-6667030
A choi ce that uses the avai l abl e resources to best achi eve the obj ecti ve of the
Rati onal choi ce
person maki ng the choi ce?
We make rati onal choi ces by compari ng? benef i ts and costs
T he gai n or pl easure that somethi ng bri ngs? Benef i t
E conomi sts measure benef i t as? the most that a person i s wi l l i ng to gi ve up to get somethi ng
4
