ECON2105 Chap. 1

A(n) ________ is a reward than encourages an action or a penalty that discourages an action.

cost in the past, cant be reversed

If you take an econ class, you wont be able to take other classes at the same time

If another student takes the last spot, youll have to pick a different class

Your decision to study Econ today changes the classes you meet the prerequisites for

Economics is called a ____________ science.

What is the ultimate scarce resource that affects everyone?

"I won't smoke cigarettes because they will make me sick."

This is opposite of an incentive, also called a ___________.

What are the four factors of production?

tasks that accomplish something for people, and which people are probably willing to pay money for