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Microeconomics- Exam 1 - Flashcards

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Class:ECO 2023 - Introductory Microeconomics
Subject:Economics
University:University of Texas - San Antonio
Term:Spring 2011
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Because people's wants are unlimited but resources are scarce: choices must be made.
Economics is best defined as the study of how: individuals decide to use scarce resources in an attempt to satisfy their unlimited wants.
The saying "there's no such thing as a free lunch" best illustrates: people face tradeoffs.
Rational choice by an individual implies: making decisions aimed at achieving some predetermined goal.
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Rational economic decision makers will make a change only if: the expected marginal benefit exceeds expected marginal cost.
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 Because people's wants are unlimited but resources are scarce:choices must be made.
 Economics is best defined as the study of how:individuals decide to use scarce resources in an attempt to satisfy their unlimited wants.
 The saying "there's no such thing as a free lunch" best illustrates:people face tradeoffs.
 Rational choice by an individual implies:making decisions aimed at achieving some predetermined goal.
 Rational economic decision makers will make a change only if:the expected marginal benefit exceeds expected marginal cost.
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