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Microeconomics Final

ECO 110 Semester 1 Final, covers material from throughout the first semester.

QuestionAnswer
economics Economics is the study of how society allocates and manages its scarce resources.
opportunity cost Opportunity cost is the trade-off or what must be given up to obtain something.
marginal changes Marginal changes are small incremental adjustments.
Ten Principles of Economics 1)Trade-offs, 2)Cost=opportunity, 3)Rational at margin, 4)Incentives, 5)Trade=better off, 6)Markets organize economy, 7)Governments can improve market, 8)Standard of living depends on production, 9)Inflation=too much money, 10)Inflation or unemployment
externality Externality is the uncompensated impact on the well-being of a bystander.
market failure Market failure is a situation in which a market fails to allocate resources efficiently.
Created by: jubyak
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