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Chapter 16 Vocabulary

Quiz by Heather Cox

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27 questions
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  • Q1
    desire individuals and nations have that can be met by getting a good or a service
  • Q2
    the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
  • Q3
    all things that can be used -- natural resources, labor, capital -- to make goods or services
  • Q4
    the situation of not having enough resources to satisfy all one's wants
  • Q5
    a nation's way of producing things its people want and need
    Economic System
  • Q6
    an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit
    Traditional Economy
  • Q7
    an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price
    Market Economy
  • Q8
    an economic system in which the government makes the major economic decisions
    Command Economy
  • Q9
    a market economy that has elements of command and tradition
    Mixed Market Economy
  • Q10
    the alternative you face if you decide to do one thing rather than another
  • Q11
    the cost of the next-best use of time and money when choosing to do one thing or another
    Opportunity Cost
  • Q12
    an expense that does not change no matter how much a business produces
    Fixed Cost
  • Q13
    an expense that changes depending on how much a business produces
    Variable Cost
  • Q14
    the combination of all fixed and variable costs
    Total Cost
  • Q15
    the additional or extra opportunity cost associated with each increase of one unit of sales
    Marginal Cost

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