Ch 16 Economics

expenses that change depending on how much a business produces

which of the following is a characteristic of a market economy

increase in expenses caused by producing another unit of something

decisions of what, how, and for whom to produce are based on custom

if the fixed costs of producing are $1000 and the variable costs are $500 then total cost is

which of the following is a want

cost of the next-best use of your money or time when you choose one action over another

A demand curve shifts to the left when

which of the following is a human resource

Fixed plus variable expenses

the government makes the major economic decisions

the choices all societies must make about production are driven by

If 20 bottles of soda are sold for $2 each, what is the total revenue

The extra income that results from selling one more unit of the output is the

Which factor has the MOST significant influence on the quantity supplied of any product

Choosing to buy a DVD players instead of something else is an example of

The loss of 4 years of income resulting from the decision to go to college is the

If the total cost of producing an order is $5,000 and 1,000 are produced average cost would be

Which of the following represents marginal cost

expenses that do not change no matter how much a business produces

private ownership and some government involvement exist in a price-based system

Individuals and businesses own all resources and base econ decisions on price

a nation's way of producing the things people need and want