Flashcards
Flashcards of Economics terms
Cards in this deck (4)
- 1EconomicsThe study of people and their economic decisions and interactions with one another.
- 2Opportunity costThe loss of other alternatives when one alternative is chosen. Simply put, it is whatever you have to give up to do something.
- 3ScarcityThe conflict between infinite desires and finite resources. As a result, choices must be made about how to allocate resources.
- 4Economic Incentives
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- This is where all the definitions of all economics terms I come across will be stored.
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- 2015jtw
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