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ECONOMICS Flashcards | StudBud

Explore/ECONOMICS

ECONOMICS

10 terms·StudBud Administration·50 plays

#NOKAPPIN #ECON #VOCAB

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Questions 10

Answers

1
what are economic decisions based off ?
the way people live, money, & the costs and benifts
what people need
what people want
if people carry they self right
2
what could affect your economic decisions ?
what you dont have
what you need
education
3
define economics
people do to satisfy needs and wants
people eat all day
people live and work
people sleep and buy things
4
what is a trade off?
alternatives we give up to choose course over another action
choosing what costs less
choosing what what they friend likes
5
why ELSE would the ppc/ppf move
no buisness
the quantity or quality of land labor and capitol shrink
slow buisness
6
how to interpret a ppc / ppf
point on curve,point inside curve,point outside the curve
graphs and numbers, dots , and information
7
what is a marginal cost/benifit
additional costs or benefits associated with a decision
marginal costs exceeds the person decision
reduction of a product
8
what are rational Decisions
the additional cost or benefits associated with a decision
shows growth or reduction
shows how efficient an economy is
the benefits of a decision meet or exceeds the marginal cost
9
why would the ppc/ppf move ?
the quanity or quality of land labor capitol or tech grow
because of slow buisness
because of fast buisness
10
what are the factors of productions ?
hair,clothes,shoes
food, houses,and school
capitol,labor,land,entrepreneurship