Start quiz. Choose your answers to the questions and click 'Next' to see the next set of questions. Learn terms and concepts terms concepts economics basic with free interactive flashcards. “Every science frames its concepts in unique terminology and develops its own vocabulary. Basic Financial Terms/Accounting Concepts for Newbies: Not getting too much into the technical language, we have explained the important Basic Financial Terms and Concepts or Accounting terms in a simple manner: 1. Basic Economic Terms and Concepts. Basic Economic Concepts & Terms Chapter Exam Instructions. – M. Bober” 1. Unit test. Jeff econ help, marginal benefits, marginal costs, microeconomics, scarcity, utility, Share This: ... Below is a list of these five concepts with a brief intuitive discussion and examples. Many terms are used in ordinary speech are also used in economics but they are used in a different sense. The five fundamental principles of economics, basic terms we need to know in order to move on. ADVERTISEMENTS: This article throws light upon the seventeen economic terms and their basic concepts. Utility: Utility, economic welfare, satisfaction, and sometimes happiness — these terms are often used in economics in more […] Comparative advantage and the terms of trade . A major benefit, for the owners, of this form of business is that it provides for limited liability for its owners: potential losses resulting from their ownership of the company (should it lose money, face legal difficulties, or experience other Choose from 500 different sets of terms and concepts terms concepts economics basic flashcards on Quizlet. Basic Economic Concepts The study of economics begins with the study of scarcity—the universal economic problem—and the choices people make to satisfy their needs. 1. Economics too has its unique vocabulary. 6 Corporation: A corporation is a form of business established as an independent legal entity, separate from the individuals who own it. Test your understanding of Basic economic concepts with these 9 questions. Therefore it is essential to explain those terms not only for clear thinking but also for correct understanding of the language used in books on Economics. About this unit. Assets: Asset is an economic resource, something valuable that you own as an individual or a business This chapter further examines this theme by examining two economic models, the production possibilities frontier and budget constraint, to illustrate specific opportunity costs that result from people's choices. Start test.