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ECON Documents

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ECON Flashcards

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  • 28 terms

    Term:

    Nominal Wage

    Definition:

    face value; for example, $100 is $100

    • Chapter 1: Economics Foundations and Models
    • 28 terms
    • Vocabulary for Chapter 1: Economics Foundations and Models. Find, create, and access Microeconomics, flashcards with Course Hero.
  • 16 terms

    Term:

    Scarcity

    Definition:

    A situation in which unlimited wants exceed the limited resources available to fulfill those wants; Scarcity requires trade-offs, and economics teaches us tools to make good trade-offs

    • Chapter 2: Trade-Offs, Comparative Advantage, and the Market System
    • 16 terms
    • Vocabulary for Chapter 2: Trade-Offs, Comparative Advantage, and the Market System. Find, create, and access Microeconomics, flashcards with Course Hero.

ECON Courses with Advice

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