EPF - U1 - VOD

Front

The value of your next best alternative

Back

opportunity cost

Front

The branch of knowledge concerned with the production, consumption, and transfer of wealth

Back

economics

Front

Comparing marginal benefits vs marginal costs is called

Back

thinking on the margins, marginal thinking

Front

Sunk Costs

Back

Past costs that are irrelevant to decision making

Front

The simplest definition of economics is _______ ______ vs _______ ______.

Back

unlimited wants vs finite resources

Front

limited goods or services, limited time or limited abilities to achieve desired ends

Back

scarcity

Front

The exchange, in which a person sacrifices one or more things for getting a particular product, service, or benefit

Back

trade offs

Front

The four factors of production:

Back

land, labor, capital, entrepreneurship

Front

TRUE or FALSE: Real Costs, Opportunity Costs, & Trade Offs are always about money.

Back

False

Front

The actual monetary and/or resource expense of making a choice or producing something

Back

Real Cost