Economic Principles Flashcards
0
Q
2
A
The acts of production,exchange,and consumption are the results of individual choices
1
Q
1
A
Nearly everything happens for a reason
2
Q
3
A
Every choice is a trade off
3
Q
4
A
The cost of something is the value to you of what you must do without
4
Q
5
A
Decision making takes place at the margin
5
Q
6
A
Incentives influence our behavior and choices
6
Q
7
A
Voluntary exchanges make everyone better off
7
Q
8
A
Markets are an efficient way to organize economic activity
8
Q
9
A
Sometimes government action is necessary to improve market outcomes
