Opportunity cost calculation
The scientific method
None of the above
Buy and Sell
The existing state of affairs.
It refers to “free-riders,” who do not pay for the cost f a product, but who receive the benefit from it.
Products only have values because people are willing to pay for them.
Economic freedom is limited by the amount of income available to the consumer.
There is an oportunity cost when resources are used to provide “free” products.
Law of increasing opportunity costs
Is a statement that is always true.
Is defined as a broad statement or an idea tht i applied to a group or people or things.
Is a statement that is often true, but not completely true in all cases.
Can be similar to stereotypes in that they are sometimes offensive.
Are not entirely true, because there re usually examples of individuals or situations wherein the generalization does not apply.
A normative statement
A microeconomic statement
Is the study of how people, institutions, and society make choices under conditions of scarcity.
Restrics options and demands choice.
Individuals look for and pursue opportunities to increase their utility. Pleasure, happiness, or satisfaction.
Is about wants and means.
To obtain more of one thing, society forgoes the opportunity of getting the next best thing.
“Rich peope are greedy”
“Pollution is the most serious economic problem”
“Marijuana should be legalized”
“Every salesman lies to make more money on a sale”
“Women should earn the same as man”
“Higher interest rates will reduce house prices”
“Everyone likes a little bit of excitement and variety in their life”
“The customer is always right”
The extra utility a consumer obtains from the consumption of 1 additional unit of a good or service; equal to the change in total utility divided by the change in the quantity consumed.
Examines the decision making of specific economic units or institutions.
The part of economics concerned with such individual units as a household, a firm, or an industry and with individual markets, specific goods and services, and product and resource prices.
The part of economics concerned with the economy as a whoe; with such major aggregates as the household, business, and government sectors; and with measures of the total economy.
Looks at the economy as a whole or its major aggregates.
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