Economics at Nigerian Turkish Nile University | Flashcards & Summaries

Lernmaterialien für Economics an der Nigerian Turkish Nile University

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen Economics Kurs an der Nigerian Turkish Nile University zu.

TESTE DEIN WISSEN
The scarcity principle's nickname 
Lösung anzeigen
TESTE DEIN WISSEN
The no-free-lunch principle 
Lösung ausblenden
TESTE DEIN WISSEN
The scarcity principle 
Lösung anzeigen
TESTE DEIN WISSEN
Although we have boundless needs and wants, the resources available to us are limited. So having more of one good thing usually means having less of another. 
Scarcity makes trade-offs necessary. 
Lösung ausblenden
TESTE DEIN WISSEN
The cost-benefit principle 
Lösung anzeigen
TESTE DEIN WISSEN
Take no action unless it's marginal benefit is at least as great as its marginal cost. So it is saying that a rational decision is one that is explicitly or implicitly based on a weighing of costs and benefits. 
Lösung ausblenden
TESTE DEIN WISSEN
The incentive principle 
Lösung anzeigen
TESTE DEIN WISSEN
Cost-benefit comparisons are relevant not only for identifying the decisions that rational people should make, but also for predicting the actual decisions they do make. The cost-benefit comparison simply means that a person (or firm or a society) is more likely to take an action if the benefits rises and less likely to take it if the cost rises. 
Lösung ausblenden
TESTE DEIN WISSEN
The principle of comparative advantage 
Lösung anzeigen
TESTE DEIN WISSEN
Everyone does best when each person (or each country) concentrates on the activity for which he or she is relatively most productive, or for which his or her opportunity cost is lowest. 
Lösung ausblenden
TESTE DEIN WISSEN
The principle of increasing opportunity cost 's nickname 
Lösung anzeigen
TESTE DEIN WISSEN
The low-hanging-fruit principle 
Lösung ausblenden
TESTE DEIN WISSEN
The principle of increasing opportunity cost 
Lösung anzeigen
TESTE DEIN WISSEN
Use the resources with the lowest opportunity cost before turning to those with higher opportunity costs when expanding the production of any good. The important message here is to be sure to take advantage of your most favourable opportunities first. 
Lösung ausblenden
TESTE DEIN WISSEN
The efficiency principle 
Lösung anzeigen
TESTE DEIN WISSEN
Efficiency is an important social goal because when the economic pie grows larger, everyone can have a larger slice. 
Lösung ausblenden
TESTE DEIN WISSEN
The equilibrium principle's nickname 
Lösung anzeigen
TESTE DEIN WISSEN
The no-cash-on-the-table principle 
Lösung ausblenden
TESTE DEIN WISSEN
The equilibrium principle 
Lösung anzeigen
TESTE DEIN WISSEN
A market in equilibrium leaves no unexploited opportunities for individuals but may not exploit all gains achievable through collective action. 
Lösung ausblenden
TESTE DEIN WISSEN
Economics 
Lösung anzeigen
TESTE DEIN WISSEN
It is a way of thinking about the world. But more formally speaking, it is the study of how people make choices under conditions of scarcity and of the results of those choices for society. 
Lösung ausblenden
TESTE DEIN WISSEN
Core principles in economics 
Lösung anzeigen
TESTE DEIN WISSEN
  • The scarcity principle 
  • The cost-benefit principle 
  • The incentive principle 
  • The principle of comparative advantage 
  • The principle of increasing opportunity cost 
  • The efficiency principle 
  • The equilibrium principle 
Lösung ausblenden
  • 4092 Karteikarten
  • 15 Studierende
  • 22 Lernmaterialien

Beispielhafte Karteikarten für deinen Economics Kurs an der Nigerian Turkish Nile University - von Kommilitonen auf StudySmarter erstellt!

Q:
The scarcity principle's nickname 
A:
The no-free-lunch principle 
Q:
The scarcity principle 
A:
Although we have boundless needs and wants, the resources available to us are limited. So having more of one good thing usually means having less of another. 
Scarcity makes trade-offs necessary. 
Q:
The cost-benefit principle 
A:
Take no action unless it's marginal benefit is at least as great as its marginal cost. So it is saying that a rational decision is one that is explicitly or implicitly based on a weighing of costs and benefits. 
Q:
The incentive principle 
A:
Cost-benefit comparisons are relevant not only for identifying the decisions that rational people should make, but also for predicting the actual decisions they do make. The cost-benefit comparison simply means that a person (or firm or a society) is more likely to take an action if the benefits rises and less likely to take it if the cost rises. 
Q:
The principle of comparative advantage 
A:
Everyone does best when each person (or each country) concentrates on the activity for which he or she is relatively most productive, or for which his or her opportunity cost is lowest. 
Mehr Karteikarten anzeigen
Q:
The principle of increasing opportunity cost 's nickname 
A:
The low-hanging-fruit principle 
Q:
The principle of increasing opportunity cost 
A:
Use the resources with the lowest opportunity cost before turning to those with higher opportunity costs when expanding the production of any good. The important message here is to be sure to take advantage of your most favourable opportunities first. 
Q:
The efficiency principle 
A:
Efficiency is an important social goal because when the economic pie grows larger, everyone can have a larger slice. 
Q:
The equilibrium principle's nickname 
A:
The no-cash-on-the-table principle 
Q:
The equilibrium principle 
A:
A market in equilibrium leaves no unexploited opportunities for individuals but may not exploit all gains achievable through collective action. 
Q:
Economics 
A:
It is a way of thinking about the world. But more formally speaking, it is the study of how people make choices under conditions of scarcity and of the results of those choices for society. 
Q:
Core principles in economics 
A:
  • The scarcity principle 
  • The cost-benefit principle 
  • The incentive principle 
  • The principle of comparative advantage 
  • The principle of increasing opportunity cost 
  • The efficiency principle 
  • The equilibrium principle 
Economics

Erstelle und finde Lernmaterialien auf StudySmarter.

Greife kostenlos auf tausende geteilte Karteikarten, Zusammenfassungen, Altklausuren und mehr zu.

Jetzt loslegen

Das sind die beliebtesten Economics Kurse im gesamten StudySmarter Universum

IMF Economics

Nigerian Turkish Nile University

Zum Kurs
Economics1B

University of Johannesburg

Zum Kurs
economics

University of Pretoria

Zum Kurs
Economics 144

University of Stellenbosch

Zum Kurs

Die all-in-one Lernapp für Studierende

Greife auf Millionen geteilter Lernmaterialien der StudySmarter Community zu
Kostenlos anmelden Economics
Erstelle Karteikarten und Zusammenfassungen mit den StudySmarter Tools
Kostenlos loslegen Economics