Principles of Economics Study guides, Class notes & Summaries
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10 Principles of Economics Rated 100% Correct.
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Principle 1 - People face trade offs 
-Trade-offs are losing one quality or aspect of something in return for gaining another aspect or quality (slideshow, slide 10) 
 
Principle 2 - The cost of something is what you give up to get it 
-Based on the idea that nothing is free 
-People make decisions based on cost and benefit
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Principles of Economics Exam.
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division of labor - the way in which the work required to produce a good or service is divided into tasks performed by different workers 
 
economics - the study of how humans make choices under conditions of scarcity
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Principles of Economics ECO 111 Exam 1.
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the limited nature of society's resources - 
 
the study of how society manages its scarce resources - 
 
the property of society getting the most it can from its scarce resources
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Principles of Economics Final Exam Review Rated 100% Correct.
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Scarcity - The condition that arises because wants exceed the ability of resources to satisfy them. 
 
Economics - The social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity, the incentives that influence those choices, and the arrangements that coordinate them.
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Economics Principles & Practices Chapter 2 Exam.
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capitalism - Economic system in which private citizens own and use the factors of production in order to generate profits. 
 
command economy - Economic system characterized by a central authority that makes most of the major economic decisions.
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Principles of Economics - Chapter 2 Questions and Answers Exam.
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Which of the following situations would lead to more starvation? 
 
A) a world where everyone grows his or her own food and there is no trade 
B) a world with trade and lots of specialization 
C) a world with immense division of knowledge 
D) a world where only some people specialize in food and everyone else produces something else -
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Economics Principles & Practices Chapter 2 Exam.
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capitalism - Economic system in which private citizens own and use the factors of production in order to generate profits. 
 
command economy - Economic system characterized by a central authority that makes most of the major economic decisions.
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Principles of Economics - Chapter 2 Hubbard O'Brien.
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Scarcity - A situation in which unlimited wants exceed the limited resources available to fulfill those wants 
 
Production Possibilities Frontier (PPF) - A curve showing the maximum attainable combinations of two goods that can be produced with available resources and current technology
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Principles of Economics 2e Chapter 2 Exam.
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allocative efficiency - when the mix of goods produced represents the mix that society most desires 
 
budget constraint - all possible consumption combinations of goods that someone can afford, given the prices of goods, when all income is spent; the boundary of the opportunity set 
 
comparative advantage -
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Principles of Economics Mankiw Chapter 2 Exam.
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circular flow diagram - 
 
factors of production - 
 
markets for goods and services -
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