Econ Final

Front

What you already have spent on the product - you lose this if you walk away from the venture/business/product

Back

sunk cost

Front

What do you give up to get that specific good or service?

Back

opportunity cost

Front

What is the worth of "one more"?

Back

marginal-decision making

Front

Basic econ saying: There is no such thing as a free_____

Back

lunch

Front

What drives the economy? There is only so much of a good or service.

Back

Scarcity

Front

not just the price of something, but what you give up for a good/service

Back

cost

Front

what you get for a good/service

Back

benefit

Front

this punishes/rewards or otherwise makes you desire a good or service

Back

incentive

Front

an economic ______ is something that is hard to explain

Back

enigma

Front

to send a good out of the country

Back

export