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Summary ECONOMICS FUNDAMENTALS : UNIT 1
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  • Course
  • ECONOMICS
  • Institution
  • ECONOMICS
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  • Statistics for Business & Economics

This is a study set for fundamentals of economics which is reliable for class work and exam revisions. the information in this study set is derived from credited economics learning materials.

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  • January 29, 2024
  • 4
  • 2022/2023
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  • economics

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UNIT 1 ECONOMICS FUNDAMENTALS
economics
1. the study of how individuals and nations make choices about ways to use scarce
resources to fulfill their needs and wants

2. Social science that deals with the study of the production, consumption,
distribution of goods and services and the transfer of wealth to obtain those
goods and services.

scarcity
a situation in which unlimited wants exceed the limited resources available to fulfill those
wants

trade-offs
giving up one thing in favor of another

opportunity costs
the highest-valued alternative that must be forgone when a choice is made

rational decisions
choice in which you weigh the costs and benefits of each option

marginal benefit
the additional satisfaction or benefit received when one more unit is produced

marginal cost
the cost of producing one more unit of a good.

marginal benefit-marginal cost analysis
Rational decision making involves marginal benefits that equal or exceed the marginal
costs

resources
anything that is used to produce goods or services

allocation of resources
decision on how to divide scarce resources among different uses

goods
tangible products that we use to satisfy our wants and needs

services
actions or activities that one person performs for another

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