Economics Basics

When you have unlimited wants but limited resources you have the definition of:

• marginal analysis

• opportunity cost

• scarcity

Economics is the study of _______

• trade

• choices

• scarcity

Macroeconomics is the study of

• the economy as a whole

• small economic units

• factors of production

what is the cost of the choices we have to make due to scarcity called?

• marginal analysis

• opportunity cost

• tradeoff

Everyone acts in their own self interest to make decisions by comparing the marginal cost to the ___________

• trade off

• comparative advantage

• marginal benefit

Looking at marginal analysis means looking at the __________ cost and benefit

• additional

• total

• average

All of the alternatives to the choice we make are called

• opportunity costs

• marginal costs

• trade offs

The most desirable alternative given up in a choice is called

• opportunity cost

• marginal cost

• trade off