Econ week 2 review

the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity

• Opportunity Cost

• Sunk Cost

• Marginal Cost

• Marginal Benefit

• Thinking on the Margins

the increase in production costs generated by the production of additional product units

• Opportunity Cost

• Sunk Cost

• Marginal Cost

• Marginal Benefit

• Thinking on the Margins

the maximum amount a consumer will pay for an additional good or service

• Opportunity Cost

• Sunk Cost

• Marginal Cost

• Marginal Benefit

• Thinking on the Margins

considering how much you value an addition of something

• Opportunity Cost

• Sunk Cost

• Marginal Cost

• Marginal Benefit

• Thinking on the Margins

a cost that has already been incurred and cannot be recovered

• Opportunity Cost

• Sunk Cost

• Marginal Cost

• Marginal Benefit

• Thinking on the Margins

work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment

• Good

• Service

• Consumer

• Producer

• raw materials

one that acquires goods or services for direct use or ownership

• Good

• Service

• Consumer

• Producer

• raw materials

tangible economic product that is useful, transferable to others, and used to satisfy wants and need

• Good

• Service

• Consumer

• Producer

• raw materials

people who make or grow goods and provide services

• Good

• Service

• Consumer

• Producer

• raw materials

basic materials that are used to produce goods, finished products, or are used for future products

• Good

• Service

• Consumer

• Producer

• raw materials