Unit 1/2 Review

__________ is the cost of making or producing an additional product

• Marginal Cost

• Marginal Benefit

• Marginal Products

• Marginal Spending

____________ is the additional bonus or profit made from producing an additional item

• Marginal Cost

• Marginal Benefit

• Marginal Spending

• Marginal Producing

__________ is an overall measure of economic activity

• Social Standing

• Productivity

• GDP

• GDP Per Capita

GDP divided by population = ___________

• Social Standing

• GDP Per Capita

• Productivity

• Marginal Benefit

If marginal cost of creating something is greater than marginal benefit then you should

• not make an additional product

• make an additional product

____________ is the next best option given up when you make a decision

• Marginal Benefit

• Marginal Cost

• Opportunity Cost

• Productivity

___________ is an outcome that was not predicted from making a decision

• Marginal Benefit

• Unintended Consequence

• Marginal Cost

• Opportunity Cost

__________ economies are completely controlled by the government

• Command

• Mixed

• Traditional

• Market

_________ economies are based on supply and demand

• Command

• Market

• Mixed

• Traditional

_________ economies are based on what was done in the past

• Command

• Mixed

• Market

• Traditional