Economic Choices III
Quiz by Rachel Murat
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18 questions
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- Q1limited resources to meet our unlimited wantsScarcity30s
- Q2something we desire, but not needed for survivala want is30s
- Q3something needed for survivala need is30s
- Q4gluten free pizza, unsweetened iced tea, Swedish fishexamples of wants for Mrs. Murat30s
- Q5air, shelter, drinking water, clothingexamples of needs30s
- Q6there is a cost to everythingTINSTAAFL30s
- Q7choosing between two thingstrade-off30s
- Q8the value of what you gave upopportunity cost30s
- Q9weighing the pros and cons of a transaction or choicecost benefit analysis30s
- Q10satisfactionutility30s
- Q11when you enjoy or benefit from something less each time you do itdiminished marginal utility30s
- Q12something that makes you behave a certain wayincentive30s
- Q13What to produce?2nd economic questionFirst economic question3rd economic question4th economic question30s
- Q14How to produce it?fourth economic questionthird economic questionfirst economic questionSecond economic question30s
- Q15For whom to produce it?fourth economic questionsecond economic questionThird economic questionfirst economic question30s