M1 Flashcards
1
Q
decides the “best” way of providing one to another.
A
Economics
2
Q
BIG TWO CONCEPTS OF ECONOMICS:
A
- Resources are scarce
- Society has unlimited needs and wants
3
Q
Capital types:
A
Physical Capital
Human Capital
4
Q
most desirable of the options
A
Opportunity Cost
5
Q
must give up when we make a choice
A
Trade-offs
6
Q
adding one unit and subtracting one unit
A
Thinking at the Margin
7
Q
production increases for one item
A
Law of Increasing Cost
8
Q
also called capital goods, produce other goods.
A
Physical Capital
9
Q
knowledge or skills
A
Human Capital
