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Academic Decathlon 23-24 > Economics > Flashcards

Economics Flashcards

1
Q

What are the main two parts of economics?

A

Macroeconomics and Microeconomics

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2
Q

What is economics?

A

The study of how we choose to satisfy a virtually infinite amount of human wants

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3
Q

What is scarcity?

A

The inescapable fact that practically everything is limited.

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4
Q

What is Opportunity Cost?

A

The value that you give up to do something.

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5
Q

John decides to spend an hour watching TV, rather than spending an hour studying. What is this an example of?

A

Trade-off/Opportunity cost

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6
Q

What is Rationality?

A

The assumption that a person decides what action is the best by comparing all actions and choosing the one with the most desirable outcome

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7
Q

What does Microeconomics focus on?

A

Individual behavior and the operation of particular markets

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8
Q

What does Macroeconomics focus on?

A

the overall performance of the national economy

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9
Q

What is “Pareto Efficiency”?

A

When the only way to satisfy a person’s wants is to reduce the satisfaction of other people.

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Academic Decathlon 23-24 (7 decks)

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