Economics Quiz 1 Review- Feb 14

Match it! Select the correct answer from the pull down...Good luck!

This is the additional or extra opportunity cost associated with each increase of unit of sales

What is the fundamental problem facing all societies today?

______ is the cost of the next-best use of your money or time when you choose to do one thing rather than another

________ of resources forces societies to make economic choices.

This is a thing that can be used--natural resources, labor, capital--to make goods or services

All societies face the same face the same three problems of deciding

This is the additional income received from each increase of one unit of sale

A kind of cost that changes depending on how much a business produces.