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Chapter 1, Section 2 Economics: Florida Prentice Hall Textbook Flashcards | StudBud
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Chapter 1, Section 2 Economics: Florida Prentice Hall Textbook
Chapter 1, Section 2 Economics: Florida Prentice Hall Textbook
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StudBud Administration
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Economics
Flashcards
6 cards
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Questions
6
Answers
1
the choice governments face between spending money on military or domestic needs
cost/benefit analysis
egalitarian efficiency
guns or butter
entrepreneurship
2
the most desirable alternative given up as the result of a decision
marginal cost
opportunity cost
cost/benefit analysis
marginal benefit
3
giving up one benefit to gain another
cost/benefit analysis
opportunity cost
thinking at the margin
trade off
4
the extra benefit of adding one unit
Don't pick this.
marginal cost
marginal benefit
Don't pick this.
5
marginal cost
Don't pick this.
the extra benefit of adding one unit
Don't pick this.
the extra cost of adding one unit
6
the process of deciding whether to do or use one additional unit of some resource
lost opportunity
thinking at the margin
trade off
cost/benefit analysis
