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Principles of Economics
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1. At its core, Economics is about.. individuals (consumers, firms) and governments making choices given scarce resources 2. Trade-Offs involve opportunity cost, the value of the best al- ternative given up 3. Productive efficiency: Productive efficiency: A situation in which a good or servi...

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  • May 17, 2023
  • 28
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • 1 at its core
  • economics is about individuals consumers
  • firms and governments making choices given scarce resources 2 trade offs involve opportunity cost
  • the value of the best al ternati

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Principles of Economics
Study online at
https://quizlet.com/_5lfb4r
1. At its core, Economics
individuals (consumers, firms) and
is about..
governments making choices given
scarce resources

2. Trade-Offs involve opportunity cost, the value of the
best al- ternative given up




3. Productive efficiency: Productive efficiency: A situation in which a
good
or service is produced at the lowest possible cost




4. a production A production possibilities frontier (PPF) is a
possibili- ties frontier curve showing the maximum attainable
(PPF) combinations of two products that may be
produced with available resources (e.g.
workers, materials, machinery...) and
technology.




5. centrally planned an economy in which the government
econo- my decides how economic resources will be
allocated
1/

, Principles of Economics
Study online at
https://quizlet.com/_5lfb4r




6. market economy the decisions of housholds, firms, and
individuals
interacting in the market allocates
resources.




7. mixed economy an economy in which most economic
decisions
are from the interaction of buyers and
sellers in a market but in which the
government plays a significant roll in the
allocation of resources.

8. microeconomics study of how households and firms make
choices
in the market, how they interact. and how
the gov- ernment attempts to influence
their interactions




9. macroeconomics the study of an economy as a whole,
inflation,
unemployment and economic growth.

2/

, Principles of Economics
Study online at
https://quizlet.com/_5lfb4r




10. profit revenue-costs




3/

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