EPF - U1 - VOD

The value of your next best alternative

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

Comparing marginal benefits vs marginal costs is called

Sunk Costs

• Past costs that are irrelevant to decision making

• The value of your next best alternative

• A little bit more or a little bit less

• Unlimited wants, finite resources

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

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

• opportunity costs

• sunk costs

• scarcity

• trade offs

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

• opportunity costs

• sunk costs

• scarcity

• trade offs

The four factors of production:

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

• True

• False

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

• Sunk Cost

• Opportunity Cost

• Trade Off

• Real Cost