Chapter 3 Foundation Of Economy Flashcards
1
Q
A gradual change in an economic system to adapt to changing needs is what?
A
Economic evolution
2
Q
What economic standard says people should have equal access to the economy to reach their full potential?
A
Economic equality
3
Q
What economic standard says that people are capable of making the basic economic decisions that affect their lives?
A
Economic freedom
4
Q
What economic standard states the system ought to produce as much as possible with the fewest inputs, costs, and wastes?
A
Economic efficiency
5
Q
The experience given up to accomplish something else is what?
A
Opportunity costs
6
Q
Dumping your costs on someone else is considered what?
A
Externality
7
Q
Relying on laws to solve issues than any other means is what rule?
A
Rule of law
