Econ Week 1 Flashcard

The basic elements from which all goods and services are produced are known as:

What is the fundamental economic problem?

Thinking at the margin means asking this question: What's the benefit of adding one more?

What is a "tradeoff" in economics?

Which is an example of "allocation?"

Activities produced in an economy, such as healthcare and haircuts.

What is opportunity cost?

Which Principle of Economic Thinking describes the idea that Scarcity forces us to choose which needs and wants to satisfy with available resources?

Pick the factor that DOES NOT contribute to a comparative advantage when trading: Climate, Technology Differences, Governmental Regulations, Wage Levels

How can you tell something is "scarce," not "rare?"