This bingo card has a free space and 27 words: Economics, Land, Labor, & Capital, Experience/education of workers, People Face trade offs, the value of the highest valued alternative to a decision, $ amount paid, accounting cost opportunity cost, Rational people think at the margin, cost of increasing an activity by 1 unit, benefit of increasing an activity by 1 unit, People respond to incentives, Trade makes everyone better off, Markets are usually good ways to organize economic activity, The Invisible Hand, Government can sometimes improve market outcomes, Country's standard of living depends on ability to produce, Prices increase when government prints more money, there is a short run tradeoff between inflation and unemployment, study of national/international level decisions, study of individual/firm level decisions, statement that can be verified as true, statement about what ought to be, Hold all variables constant except the two of interest, Actual land/natural resources/ "T", Workers/"L", Equipment used in production/ "K" and the max level of what a country can produce with its factors of production.
ECO Intro | Unit 1: Microeconomics Review | Fundamentals | Economics | AP Macro: Unit 1 Vocab
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