Econ Quiz 1 review

Study of how people choose to use their limited resources to satisfy unlimited needs/wants.

• Economics
• Incentive
• Economy
• Market

Something that motivates a person to take a particular course of action

• Economics
• Incentive
• Economy
• Market

System Used to manage limited resource of production, distribution, and consumption

• Economics
• Incentive
• Economy
• Market

Arrangement that brings buyers and sellers together

• Economics
• Incentive
• Economy
• Market

What you gain in terms of time, money, experience, or improvement in your situation

• Benefit
• Scarcity
• Resource
• Marginal Cost

Unlimited needs and wants combined with limited resources.

• Benefit
• Scarcity
• Resource
• Marginal Cost

Anything used to produce and economic good or service.

• Benefit
• Scarcity
• Resource
• Marginal Cost

What you give up to add one more unit of an activity

• Benefit
• Scarcity
• Resource
• Marginal Cost

Giving up one thing for something else you want more

• Trade-off
• Law of Unintended Consequences
• Micro Economics
• Macro Economics

Actions of people and governments have effects that are not always expected

• Trade-off
• Law of Unintended Consequences
• Micro Economics
• Macro Economics