Econ exam review

When demand for a good is greater than the amount that is available, we call this

• scarcity
• opportunity cost
• communism
• marginal utility

When choosing between 2 things, the value of what you did not choose is known as the

• scarcity
• opportunity cost
• marginal utility
• refund

An approach to making a decision based on the estimated or perceived costs weighed against the estimated or perceived benefits

• opportunity cost
• wants vs needs analysis
• cost-benefit analysis
• marginal cost

An additional unit of something The value of the next unit of something

• quantity
• demand
• opportunity cost
• margin

if consumer income declines then demand for

• goods will also decline
• goods and services will increase
• substitute goods will decrease
• demand for complimentary goods will increase

the cost of producing or purchasing one additional unit of a good or service

• marginal benefit
• marginal cost
• revenue
• profit

The financial gain an entrepreneur will receive from the production and sale of an additional unit of a good or service

• Revenue
• profit margin
• marginal benefit
• marginal cost

What type of Ad appeal is Doritos using in this photo

• humor
• appeal to reason
• celebrity endorsement
• bandwagon

A demand schedule is a table that represents the

• demand curve
• shift in the demand curve
• amount of a good consumers want
• the amount of a good producers are willing to send to market

The idea that the value of a good or service decreases each time an additional unit is consumed

• cost benefit analysis
• law of diminishing marginal utility
• opportunity cost
• law of increasing marginal utility