Economics

Economics is

• the study of marketing and business

• the study of scarcity and competition

• the study of marketing growth

• the study of decision making

What is an opportunity cost?

• Advantage gained from a decision

• Money gained from seller's product

• Disadvantage from a decision

• Cost associated with taxes

A rational choice is

• where the benefits outweigh the disadvantages

• where the disadvantages outweigh the benefits

• the opportunity cost

• not this option

What are the opportunity costs with attending a movie?

• Gas for car

• Ticket cost

• Watching the Movie

• Time with friends

What are the benefits with attending a movie?

• Gas for car

• Ticket cost

• Watching the Movie

• Time with friends

Economic decision making is the result of

• scarcity and competition

• market levels

• rational choices

• government regulations

What is scarcity?

• the plentifullness of a product supply

• the actual value of a product

• the limitations of a product supply

• a unit for measuring

Why is it difficult to barter?

• Not enough to barter

• No supplies

• Double Coincidences

• Triple Coincidences

What is a "double coincidence"?

• need for another good in the same amount at the same time

• need for another good in the same amount at different times

• need for another good in a different amount at the same time

• need for another good in a different amount at different times

What serves as a unit of measure for the relationship between scarcity and competition?

• Economics

• Economic Value

• Money

• Intrinsic Value