Econ Part 1 Flashcards

1

Economics is about

2

Human choice is influenced in predictable ways by changes in

3

Wants are unlimited and resources are

4

Do what you do best and trade for the rest

5

If I get a higher price for my house than expected, who loses in the transaction?

6

The supply and demand curve cross at which point?

7

What is the opportunity cost of taking this class?

8

Marginalism is

9

Which of these could shift demand?

10

Prices motivate us to do things that are to our advantage. Adam Smith called this...

11

Price and quantity demanded have which type of relationship?

12

If I raise my price above the equilibrium price, I may wind up with a

Econ Part 1