economics

    Cards (21)

    • About Economics
      The study of the allocation of scarce resources to meet unlimited wants and needs
    • Scarcity
      The fundamental problem of economics where unlimited wants exceed limited resources
    • Opportunity Cost

      The cost of choosing one option over another
    • Supply and Demand
      The price and quantity of goods and services in a market
    • Market Equilibrium
      When the supply and demand curves intersect
    • Supply
      The amount of a good or service that producers are willing and able to produce at a given price
    • Supply and Demand
      The interaction between the amount of a good or service that producers are willing and able to produce and the amount of a good or service that consumers are willing and able to buy at a given price
    • Law of Demand

      As the price of a good or service decreases, the quantity demanded tends to increase
    • Law of Supply
      As the price of a good or service increases, the quantity supplied also tends to increase
    • Costs
      The negative consequences or losses incurred by an individual, group, or society as a result of a decision or action
    • Benefits
      The positive outcomes or gains achieved from a decision or action
    • Financial Costs

      The money spent to achieve a goal or solution
    • Pros and Cons
      The advantages (benefits) and disadvantages (costs) of a decision or action
    • Direct Benefits
      The immediate and tangible outcomes of a decision or action
    • Indirect Benefits
      The secondary or indirect outcomes of a decision or action
    • Inequality
      The unequal distribution of wealth, power, and opportunities within a society
    • Economic Inequality

      The unequal distribution of wealth and income
    • Social Inequality
      The unequal distribution of social status, prestige, and recognition
    • Investment
      The act of putting money or resources into something in the hopes of gaining a benefit or return in the future
    • Stock Market Investment
      Investing in shares or stocks to generate returns
    • Investment Strategies
      Diversification, hedging, and long-term investing manage risk and maximize returns
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