Civics/Econ Ch1&18 Foundations of Economics

Choosing between building new school or improve wastewater treatment plant is an example of:

One benefit of competition is:

The fundamental economic problem is:

The extra cost of producing one additional unit of output is called:

The cost-benefit analysis is useful in:

Diagram of goods/services an economy an produce when all resources are fully employed:

The three basic economic questions everyone must answer are:

A mortgage payment is an example of a:

The market economy is based on:

Opportunity cost is the:

Not going to a movie with friends in order to study is an example of:

A low interest rate on a credit card is an example of a(n):

The fundamental economic problem is:

A location allowing buyers & sellers to exchange products, & a key feature of economic activity

To study a specific part of the economy, economists use:

Economic concept: sum of tangible economic products, scarce, useful, and transferable to others