Chapter 1 Intro to Econ | Baamboozle - Baamboozle

Why should we consider the marginal costs or benefits of our decisions?

helps explain consumers and producers decisions

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monster

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baam

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The value of something that is given up by choosing one alternative over another. This is the term for the next best alternative use of your time or money

Opportunity cost

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When you economize based on what you perceive as the best combination of cost an you are most influenced byd benefits

Incentives and utility

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Which factor of production includes all the time effort and talent used to produce goods and services?

Labor

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The benefit or satisfaction from using one more unit of a good or service

Marginal benefit

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heart

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shark

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lifesaver

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Economic term that describe risk takers that start or invest in business ideas that aim to create products services or innovations to gain a profit

Entrepreneurs

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A way of describing and explaining the economic world as it exists in the real world

Positive economics

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banana

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gift

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thief

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A situation that exists when there are not enough resources to meet human wants or needs

Scarcity

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Production of goods and services require land capital labor and entrepreneurship, they are called

Factors of production

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This is the study of how individuals and societies satisfy unlimited wants with limited resources that nature and previous generations created

Economics

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A way of describing and explaining what economic behavior ought to be (value judgement)

Normative economics

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