Ms. Hillman 8th Grade Chapter 16

Extra income that results from selling one more unit of output is called marginal revenue.

What is economics?

supply and demand answer economic questions

government agencies answer economic questions

customs and habit answer economic questions 

government oversees market functions and provides some services

workers' knowledge is a capital resource

the lost income from not taking a shift at work is an opportunity cost of studying for a test.

way of producing goods and services

the fixed cost of an item includes its total costs and variable costs

When "thinking like an economist," one should accept an option when

the people who buy goods and services are called producers

What forces people and nations to make economic decisions? 

Which of the following is an example of a resource?

a surplus typically indicates 

which is an example of WHAT to produce?

In the US, prices are established primarily through