Econ 101

Ms. Mans says the study of Economics is

• making money

• concerned with the production, consumption and transfer of wealth

• how we choose to satisfy our needs and wants using our scarce resources

Trade offs are

• not having enough resources to fulfill people's needs and wants

• the alternative choices that are given up when we make a choice

• the value of the next best alternative, the number one thing we give up

Opportunity Costs

• The value of the second best alternative, the second thing we give up

• the value of the next best alternative, the number one thing we give up

• The value of the fourth best alternative, the fourth thing we give up

Marginal Analysis examines the benefits and the additional costs of an action

• True

• False