European Economy_ Micro, Macro European
& International
Economy_
Trade Micro,
Concepts
Macro
_ Study
European
& International
Guide.pdf
Economy_
Trade Micro,
Concepts
Macro
_ Study
& International
Guide.pdf Trade Concepts _ Study Guide.pdf
European
Economy: Micro,
Macro &
International Trade
Concepts | Study
Guide
European Economy_ Micro, Macro European
& International
Economy_
Trade Micro,
Concepts
Macro
_ Study
European
& International
Guide.pdf
Economy_
Trade Micro,
Concepts
Macro
_ Study
& International
Guide.pdf Trade Concepts _ Study Guide.pdf
,European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
emmagree2
Terms in this set (229)
What is scarcity in economics? The inability to get everything we want.
Define incentive in economic A reward that encourages or a penalty that
terms. discourages an action.
European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
,European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
What is economics? The social science that studies the choices
made by individuals, businesses,
governments, and societies in coping with
scarcity.
What does microeconomics The choices that individuals and businesses
study? make and their interactions in markets.
What does macroeconomics The performance of the national economy
focus on? and the global economy.
What are goods and services? Objects that people value and produce to
satisfy wants.
European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
, European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
What are the factors of The productive resources used to produce
production? goods and services.
How does human capital affect It depends on the knowledge and skill
labor quality? obtained from education, training, and
experience.
How do people earn income Land earns rent, labor earns wages, capital
from factors of production? earns interest, and entrepreneurship earns
profit.
What are the three economic What, how, and for whom goods and
choices? services are produced.
European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
& International
Economy_
Trade Micro,
Concepts
Macro
_ Study
European
& International
Guide.pdf
Economy_
Trade Micro,
Concepts
Macro
_ Study
& International
Guide.pdf Trade Concepts _ Study Guide.pdf
European
Economy: Micro,
Macro &
International Trade
Concepts | Study
Guide
European Economy_ Micro, Macro European
& International
Economy_
Trade Micro,
Concepts
Macro
_ Study
European
& International
Guide.pdf
Economy_
Trade Micro,
Concepts
Macro
_ Study
& International
Guide.pdf Trade Concepts _ Study Guide.pdf
,European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
emmagree2
Terms in this set (229)
What is scarcity in economics? The inability to get everything we want.
Define incentive in economic A reward that encourages or a penalty that
terms. discourages an action.
European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
,European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
What is economics? The social science that studies the choices
made by individuals, businesses,
governments, and societies in coping with
scarcity.
What does microeconomics The choices that individuals and businesses
study? make and their interactions in markets.
What does macroeconomics The performance of the national economy
focus on? and the global economy.
What are goods and services? Objects that people value and produce to
satisfy wants.
European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
, European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
What are the factors of The productive resources used to produce
production? goods and services.
How does human capital affect It depends on the knowledge and skill
labor quality? obtained from education, training, and
experience.
How do people earn income Land earns rent, labor earns wages, capital
from factors of production? earns interest, and entrepreneurship earns
profit.
What are the three economic What, how, and for whom goods and
choices? services are produced.
European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf European Economy_ Micro, Macro, and International Trade Concepts _.pdf
