2025-Semester Exam

Front

cost of the next best alternative use of money, time, or resources when one choice is made rather than another

Back

Opportunity cost

Front

are the alternative choices people face in making an economic decision

Back

Trade-offs

Front

the study of how people satisfy wants with scarce resources describes

Back

Economics

Front

fundamental economic problem facing all societies that results from a combination of scarce resources and people’s virtually unlimited wants

Back

Scarcity

Front

What is the meaning of the acronym TINSTAAFL?

Back

There Is No Such Thing As A Free Lunch

Front

combination of desire, ability, and willingness to buy a product

Back

Demand

Front

lowest legal price that can be charged for a product

Back

Price Floor

Front

maximum legal price that can be charged for a product

Back

Price Ceiling

Front

unemployment caused by workers changing jobs or waiting to go to new ones

Back

Frictional unemployment

Front

unemployment caused by a fundamental change in the economy that reduces the demand for some workers

Back

structural unemployment