Economics Review

Economists refer to the activity that takes place in a market as

Increase in expenses caused by producing one more of something

Giving up one alternative good or service for another

Choosing to buy something instead of something else is an example of a

"Redirecting resources rapidly" is an advantage of which economy?

A sole provider of a good or service

___________ means we must make a choice

A life insurance policy is an example of a

What is the key to higher income?

Which of the following is a human resource?

Not having enough resources to satisfy all your wants

Cost of the next best use of your money or time

A single resource economy depends on

Countries with low GDP per capita

An economic side effect that affects an uninvolved 3rd party

What does a benefit-cost analysis compare?

What type of economic system does the US have?

The expense of adding one additional unit

Fixed cost plus variable cost

What do poverty guidelines reflect?