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You bought two new CDs with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CDs?
scarcity
grow through innovation.
equity
Resources are limited.
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
the night out with your friends that you miss because you can’t afford it now
to promote innovation
To improve its standard of living, a nation’s economy must
scarcity
grow through innovation.
equity
Resources are limited.
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
the night out with your friends that you miss because you can’t afford it now
to promote innovation
At many different levels, the existence of _____ forces people to make choices.
scarcity
grow through innovation.
equity
Resources are limited.
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
the night out with your friends that you miss because you can’t afford it now
to promote innovation
Why does the government protect inventors and authors by offering them patents and copyrights?
scarcity
grow through innovation.
equity
Resources are limited.
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
the night out with your friends that you miss because you can’t afford it now
to promote innovation
Why does every decision involve trade-offs?
scarcity
grow through innovation.
equity
Resources are limited.
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
the night out with your friends that you miss because you can’t afford it now
to promote innovation
What does the expression “the customer is king” mean in a free market economy?
scarcity
grow through innovation.
equity
Resources are limited.
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
the night out with your friends that you miss because you can’t afford it now
to promote innovation
A town wants to repair a school in one of its poorest neighborhoods. To pay for it, citizens vote to raise taxes on households and businesses. What social goal best explains this economic decision?
scarcity
grow through innovation.
equity
Resources are limited.
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
the night out with your friends that you miss because you can’t afford it now
to promote innovation
What was the trade-off of the Soviet Union’s focus on heavy industry?
scarcity
grow through innovation.
equity
Resources are limited.
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
the night out with your friends that you miss because you can’t afford it now
to promote innovation
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