Unit 1 Test Review Fall 2023

Front

What is opportunity cost?

Back

what you give up to make a choice

Front

What is scarcity?

Back

Not having enough resources

Front

What is the opportunity cost of the bakery's decision to make cookies instead of muffins?

Back

muffins

Front

Define the term "opportunity cost."

Back

The next-best thing you give up when you make an economic choice.

Front

Mr. Umstot decides to see Black Widow instead of Avatar 2. What is his opportunity cost for seeing Black Widow?

Back

Avatar 2

Front

What is the most basic problem of economics? Options: Scarcity, Allocation, Productivity, Specialization

Back

Scarcity

Front

What is it called when you choose between two possible uses for a resource, giving up one alternative for another?

Back

Trade Offs

Front

What is the production possibilities curve?

Back

a graph that shows how much an economy can produce between 2 goods

Front

If a point lies inside the curve, this tells the company what?

Back

They are not efficient.

Front

In making a rational decision, which should be greater? Marginal benefit, Marginal cost

Back

Marginal benefit