Econ Ch.1 & Ch.2

Economics studies the choices made while coping with

Jackie decides to get a shirt instead of pants (though the pants are cheaper). What's the OC?

To make an economic decision, a decision-making grid may be used to evaluate

Skylar decides to skip tutoring in order to watch the home basketball game. What is the OC?

Capitalism is heavily driven by/thrives off of 

Actions in one part of the world that have an economic impact elsewhere are examples of

Manufactured goods used to produce other goods and services are called

The main difference between socialism and communism is that communism

The forgone opportunity, or the next best choice, is called the

An action that people value and produce to satisfy human wants is called a

An example of a market economy is

Economists observe and collect data about all of these except:

Division of labor is a characteristic of what? (Think Specialization)

When the benefit outweighs the cost, we have a

When calculating OC, the negative (or decreasing) number in the equation always goes

In a free enterprise system, who determines the products produced?

An arrangement that allows buyers and sellers to exchange things is called

Which of these is NOT a basic economic question?

An economy at its production possibilites frontier is operating

One example of a traditional economy is that of