Shared Flashcard Set

Details

Title

Macroeconomics - Exam One

Description

Flashcards to study for exam one

Total Cards

Subject

Economics

Level

Beginner

Created

09/27/2016

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Additional Economics Flashcards

Term

What is Economics?

Definition

The study of how society manages scarce resources.

Term

What is scarcity?

Definition

Society has limited resources and therefore cannot produce all the goods and services people wish to have.

Term

First Principle of Economics

Definition

People face trade-offs

Term

Which principal, "there ain't no such thing as a free lunch" referring to?

Definition

Economic Principle One: People Face Trade-Offs

Term

What does "Guns and Butter" refer to?

Definition

Society choosing to spend more money on defenses or consumer goods.