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Flashcards in Economics Def Deck (10)
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1

Scarcity

We cannot have all we want of goods and services

2

Opportunity

What is forgone when a choice is made

3

Secondary effect

The unintended results of choices unplanned and often unforeseen

4

Efficiency

The absence of waste. An efficient use of resources minimizes cost

5

Macroeconomics

Deals with choices that affect a whole country

6

Microeconomics

Looks mainly at choices made by individuals in households and business firms

7

A way of making choices based on custom

Tradition

8

All economic choices are made by government decree and enforced by bureaucrats

Command

9

Runs by a system of prices

Market

10

Is one that mixes politics with economics, government with business

Mixed economy