micro I

The study of choices

Limited resources unlimited want

provable statement

opinionntestable

chosing purposefully by getting max benefit from min cost

costs and benefits are

what inspires people to respond in different ways

a cost paid that you cannot get back

economics is __ thinking

weighing the cost or benefit of adding an extra thing

if the marginal benefit of an action exceeds the marginal cost then do it

highest value benefit that is sacrificed

getting information is

anticipate __ effects when making decisions

the test of a theory is its ability to

a price mechanism coined by adam smith where self interest leads to societal betterment

social and historical forces on people

political and legal forces on people

When you hold all else constant and get to a wrong conclusion because of your own situation

what is true for a person may not be true for the whole

the right to use control sell a good or service

exclusive use, legal protection of invasion, right to transfer sell exchange

private, capitalism, laizzes faire, self interest

socialism communism, communal, goodwill towards community