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Economics Final 1-12
Final Exam on all tnh e
9
Economics
Undergraduate 2
12/16/2012

Additional Economics Flashcards

 


 

Cards

Term
Economics Is the Study of:
Definition
Choice - or People Making Choices
Term
According to the economic theory, social interactions are the result of:
Definition
Scarcity
Term
Economist assume regarding peoples choices:
Definition
That they make choices under scarcity based on expected benefits and expected cost.
Term
To economize means:
Definition
To use resources in a way that extracts from them the most of whatever the economizer wants.
Term
What is the economic way of thinking:
Definition
  • Focuses on choice
  •  Only individuals choose
  • Individuals choose after weighing benefits and cost.
  • Assumes some rules
  • Consequences result from choice
Term
Scarcity can be eliminated by:
Definition
Nothing
Term
Scarcity Results in:
Definition
Choice and Opportunity Cost
Term
What is the definition of Capitalism and Competition.
Definition

Capitalism - Ownership through investment

Competition - Two parties compete to gain customers.

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