Final Review New
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Social Studies
•
11th - 12th Grade
•
Hard
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143 questions
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1.
FLASHCARD QUESTION
Front
The extra added utility or positive outcome by adding one additional unit, or by doing a little more of something.
Back
Marginal Benefit
2.
FLASHCARD QUESTION
Front
Additional cost associated by producing one additional unit of product.
Back
Marginal Costs
3.
FLASHCARD QUESTION
Front
The act of giving up one benefit in order to gain another, greater benefit:
Back
Trade-Off
4.
FLASHCARD QUESTION
Front
The value of the next best alternative (what you lose when you choose)
Back
Opportunity cost
5.
FLASHCARD QUESTION
Front
In Cost/Benefit Analysis or rational thinking, when does adding an additional unit pay off?
Back
Marginal benefits equal or exceed marginal costs.
6.
FLASHCARD QUESTION
Front
The hammer used to build a piece of furniture would be classified as
Back
Physical Capital
7.
FLASHCARD QUESTION
Front
The trees used to build a piece of furniture would be classified as
Back
Land
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