Economics Def Flashcards
1
Q
Scarcity
A
We cannot have all we want of goods and services
2
Q
Opportunity
A
What is forgone when a choice is made
3
Q
Secondary effect
A
The unintended results of choices unplanned and often unforeseen
4
Q
Efficiency
A
The absence of waste. An efficient use of resources minimizes cost
5
Q
Macroeconomics
A
Deals with choices that affect a whole country
6
Q
Microeconomics
A
Looks mainly at choices made by individuals in households and business firms
7
Q
A way of making choices based on custom
A
Tradition
8
Q
All economic choices are made by government decree and enforced by bureaucrats
A
Command
9
Q
Runs by a system of prices
A
Market
10
Q
Is one that mixes politics with economics, government with business
A
Mixed economy
