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Countries and individuals both have consequences for decisions they make. Which term refers to the next best choice given up when another decision is made?
You can save money for future purposes.
opportunity cost
A student is paying a homeowner to rent an apartment.
the people needed to produce goods
highways
the exchange of goods or services by producers and consumers
factors of production.
getting a bank account.
Which of these is the BEST example of something provided by the government?
You can save money for future purposes.
opportunity cost
A student is paying a homeowner to rent an apartment.
the people needed to produce goods
highways
the exchange of goods or services by producers and consumers
factors of production.
getting a bank account.
Which of these is an example of voluntary exchange?
You can save money for future purposes.
opportunity cost
A student is paying a homeowner to rent an apartment.
the people needed to produce goods
highways
the exchange of goods or services by producers and consumers
factors of production.
getting a bank account.
What is the advantage to spending less money than is earned?
You can save money for future purposes.
opportunity cost
A student is paying a homeowner to rent an apartment.
the people needed to produce goods
highways
the exchange of goods or services by producers and consumers
factors of production.
getting a bank account.
The first step in creating a budget is
You can save money for future purposes.
opportunity cost
A student is paying a homeowner to rent an apartment.
the people needed to produce goods
highways
the exchange of goods or services by producers and consumers
factors of production.
getting a bank account.
Land, labor, capital, and entrepreneurship are the
You can save money for future purposes.
opportunity cost
A student is paying a homeowner to rent an apartment.
the people needed to produce goods
highways
the exchange of goods or services by producers and consumers
factors of production.
getting a bank account.
What is the definition of labor (one of the productive resources)?
You can save money for future purposes.
opportunity cost
A student is paying a homeowner to rent an apartment.
the people needed to produce goods
highways
the exchange of goods or services by producers and consumers
factors of production.
getting a bank account.
What is the best economic description of a market?
You can save money for future purposes.
opportunity cost
A student is paying a homeowner to rent an apartment.
the people needed to produce goods
highways
the exchange of goods or services by producers and consumers
factors of production.
getting a bank account.
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