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Economics Basics Flashcards | StudBud

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The most valuable alternative given up is...

When you are presented with two or more choices, that is known as a...

Economics Basics

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Questions 6

Answers

1
When you are presented with two or more choices, that is known as a...
super choice
conundrum
binary choice
trade off
2
The most valuable alternative given up is...
opportunity cost
super trade-off
value added
cost
3
Economics is...
the study of choices
study of choice theory
the study of how people make choices
banks, finances, money, etc.
4
Shortages...
exist only around Black Friday
always exist
sometimes exist
exist only in the short term
5
Scarcity...
always exists
sometimes exists
exists only in the short term
never exists
6
Cost...
real income spent on something
is the price of something
is that which is given up
arm and a leg