Opportunity cost calculation
The scientific method
Buy and Sell
None of the above
The existing state of affairs.
There is an oportunity cost when resources are used to provide “free” products.
Economic freedom is limited by the amount of income available to the consumer.
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.
Law of increasing opportunity costs
Can be similar to stereotypes in that they are sometimes offensive.
Is a statement that is always true.
Are not entirely true, because there re usually examples of individuals or situations wherein the generalization does not apply.
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.
A microeconomic statement
A normative statement
To obtain more of one thing, society forgoes the opportunity of getting the next best thing.
Is about wants and means.
Is the study of how people, institutions, and society make choices under conditions of scarcity.
Individuals look for and pursue opportunities to increase their utility. Pleasure, happiness, or satisfaction.
Restrics options and demands choice.
“Every salesman lies to make more money on a sale”
“The customer is always right”
“Marijuana should be legalized”
“Higher interest rates will reduce house prices”
“Everyone likes a little bit of excitement and variety in their life”
“Women should earn the same as man”
“Rich peope are greedy”
“Pollution is the most serious economic problem”
Looks at the economy as a whole or its major aggregates.
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.
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.
Examines the decision making of specific economic units or institutions.
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