Individual choice correct answers the decision by an individual of what to do, which necessarily involves a decision of what not to do.
resource correct answers anything that can be used to produce something else.
scarce correct answers not enough of the resources are available to satisfy all...
Econ 231 Test 1 || with 100% Errorless Answers.
Individual choice correct answers the decision by an individual of what to do, which necessarily
involves a decision of what not to do.
resource correct answers anything that can be used to produce something else.
scarce correct answers not enough of the resources are available to satisfy all the various ways a
society wants to use them.
opportunity cost correct answers what you must give up in order to get it.
trade-off correct answers when you compare the costs with the benefits of doing something.
marginal decisions. correct answers Decisions about whether to do a bit more or a bit less of an
activity
marginal analysis. correct answers The study of Decisions about whether to do a bit more or a bit
less of an activity
incentive correct answers anything that offers rewards to people who change their behavior.
Interaction of choices correct answers my choices affect your choices, and vice versa—is a
feature of most economic situations. The results of this interaction are often quite different from
what the individuals intend.
trade correct answers Providing goods and services to others and receive goods and services in
return.
gains from trade correct answers people can get more of what they want through trade than they
could if they tried to be self-sufficient.
specialization correct answers each person specializes in the task that he or she is good at
performing.
equilibrium correct answers when no individual would be better off doing something different.
efficient correct answers When an economy takes all opportunities to make some people better
off without making other people worse off.
Equity correct answers everyone gets his or her fair share.
A model correct answers a simplified representation of a real situation that is used to better
understand real-life situations.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.