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Macroeconomics - Exam One
Flashcards to study for exam one
5
Economics
Beginner
09/27/2016

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Term
What is Economics?
Definition
The study of how society manages scarce resources.
Term
What is scarcity?
Definition
Society has limited resources and therefore cannot produce all the goods and services people wish to have.
Term
First Principle of Economics
Definition
People face trade-offs
Term
Which principal, "there ain't no such thing as a free lunch" referring to?
Definition
Economic Principle One: People Face Trade-Offs
Term
What does "Guns and Butter" refer to?
Definition
Society choosing to spend more money on defenses or consumer goods.
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