

Chapter 16 Vocab
Flashcard
•
History, Social Studies
•
10th Grade
•
Practice Problem
•
Hard
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27 questions
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1.
FLASHCARD QUESTION
Front
Additional opportunity cost for each unit increase in sales
Back
marginal cost
2.
FLASHCARD QUESTION
Front
Supply of a good/service is less than demand.
Back
shortage
3.
FLASHCARD QUESTION
Front
Economic system where production decisions are based on custom or habit.
Back
traditional economy
4.
FLASHCARD QUESTION
Front
Additional income from each unit increase in sales
Back
marginal revenue
5.
FLASHCARD QUESTION
Front
Location for buyers and sellers to trade products.
Back
market
6.
FLASHCARD QUESTION
Front
Amount of goods producers are willing to sell at various prices.
Back
supply
7.
FLASHCARD QUESTION
Front
A person or business that provides goods and services.
Back
producer
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