Economics Ch. 1 And 2 Test Vocab Review Question Preview (ID: 52476)


Economics Ch. 1 And 2 Test Vocab Review. TEACHERS: click here for quick copy question ID numbers.

the practice of examining the costs and the expected benefits of a choice as an aid to decision making
a) production possibility curve
b) Cost-Benefit Analysis
c) Macroeconomics
d) Microeconomics

graph used to illustrate the impact of scarcity on an economy
a) production possibility curve
b) Cost-Benefit Analysis
c) Macroeconomics
d) Microeconomics

the benefit or satisfaction gained from using one more unit of a good or service
a) marginal cost
b) marginal benefit
c)
d)

the additional cost of producing or using one more unit of a good or service
a) marginal cost
b) marginal benefit
c)
d)

the value of something that is given up by choosing one alternative over another
a) economics
b) scarcity
c) trade off
d) opportunity cost

the alternative someone gives up when making an economic choice
a) economics
b) scarcity
c) trade off
d) opportunity cost

situation that exists when there are not enough resources to meet human wants
a) economics
b) scarcity
c) trade off
d) opportunity costs

the study of how individuals and societies satisfy their unlimited wants with limited resources
a) Economics
b) Scarcity
c) Trade Off
d) Opportunity Cost

the study of the behavior of the economy as a whole; large scale economics
a) production possibility curve
b) Cost-Benefit Analysis
c) Macroeconomics
d) Microeconomics

the study of behavior of individuals in an economy (individuals, families, businesses)
a) production possibility curve
b) Cost Benefit Analysis
c) Macroeconomics
d) Microeconomics

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