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Economics Chp1 Sec2 Flashcards | StudBud
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Economics Chp1 Sec2
Economics Chp1 Sec2
10 terms
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Basics of Economics: Trade Offs, Opp Cost, Guns v Butter
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Alternatives that we give up when we choose one course of action over another
Guns v Butter
Opportunity Cost
Trade Off
Economic Choice
2
The process of deciding how much more or less to do
Being a High School Senior
Marginal cost
Cost/benefit analysis
Thinking on the Margin
3
Economics is based on the study and understanding of
Wants
Scarcity
Needs
Demands
4
Trade-offs have to involve things that can be measured like money, property, and time. It has to be tangible.
False
True
5
The best Economics teacher you have ever had is...
Dr. Vening
Mr. Venning
Mr. Vening
Mr. Veniing
6
The most desirable alternative given up as the result of a decision
Economic Cost
Marginal Cost
Opportunity Cost
Trade off
7
When your government is spending more than it is taking in on revenue that is......
Managed budget spending
operating at a deficit
How all businesses should work
Working with debt
8
Extra benefit of adding a unit
Opportunity Cost
Marginal benefit
Marginal cost
Trade Off
9
a decision-making process in which you compare what you will sacrifice and gain by a specific action
Thinking on the Margin
Cost/Benefit Analysis
Marginal Cost
Marginal Benefit
10
A country that decides to produce more military goods has fewer resources to produce consumer goods
Choosing butter
Choosing guns
Guns v Butter
Military Alignment
