What is the decision
by an individual of what to do, which
necessarily involves a decision of
what not to do, called in economics?
12 Principles of Economics Vocabulary
Quiz
•
Other
•
9th - 12th Grade
•
Easy
Francis Collins
Used 4+ times
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the decision
by an individual of what to do, which
necessarily involves a decision of
what not to do, called in economics?
Individual Choice
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anything that can be
used to produce something else is called?
opportunity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When not enough
of the resources are available to
satisfy all the various ways a society
wants to use them, we call this condition?
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the real cost of an item. It's what you must give up in order to get it.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you compare the costs with the benefits of doing something, you make a what?
trade-off
trading offer
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define a marginal decision in economics?
A decision about whether to do a
bit more or a bit less of an activity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of marginal decisions, or a marginal decision, is called?
Marginal assessment
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