Home Library Explore SAT

Home Library Explore SAT

Unit 2-4 Flashcards | StudBud

Explore/Unit 2-4

what is the phase we use in class to define opportunity cost

what is the alternative?

Unit 2-4

7 terms·StudBud Administration

Imported from external platform

Flashcards7 cardsFPractice quizPHost liveL

Questions 7

Answers

1
what is the alternative?
trade- off
opportunity cost
scarcity
margin
2
what is the phase we use in class to define opportunity cost
opportunity cost is what we gain
opportunity cost is opportunity lost
I dont recall
opportunity cost is never lost
3
making or becoming specialized is
profit
specialization
voluntary exchange
innovation
4
Which is NOT a rule of force
first come - first serve
markets
governement
capital
5
A key feature of any communist society is
traditional economy
innovation
mixed economy
command economy
6
Define physical capital
goods, objects that are used to produce goods
knowledge or skills workers get education
physical workouts
function of government is to outlaw the rule of force
7
the action or process of inventing something is
command economy
mixed economy
division of labor
invention