C1S2 Review Flashcard

Front

Benefits offered to encourage people to act in certain ways are

Back

incentives

Front

The benefit or satisfaction gained from the use of a good or service is called a(n)

Back

utility

Front

The alternative you give up when you make an economic choice is a(n)

Back

trade-off

Front

A cost-benefit analysis is often organized by using a(n)

Back

decision-making grid

Front

The value of what you give up by choosing one alternative over another is called

Back

opportunity cost