PreIB Economics Quizizz

Limited resources compared to unlimited wants and needs.

• Scarcity

• Opportunity Cost

• Utility

• Marginal Cost

The value of the next best alternative foregone when a decision is made.

• Production Possibility Curve

• Marginal Benefit

• Opportunity Cost

• Utility

Resources that are abundant and do not have a limited supply.

• Utility

• Choice

• Marginal Cost

• Non-Scarce Resources

All else being equal: The assumption that all other variables remain constant except the one being studied.

• Choice

• Ceteris Paribus

• Marginal Cost

• Law of Demand

The selection of one option among alternatives.

• Choice

• Marginal Benefit

• Opportunity Cost

• Supply and Demand

A graph that shows the maximum possible output combinations of two goods or services an economy can produce given its resources.

• Aggregate Supply and Demand

• Business Cycle

• Production Possibility Curve

• Inflation Graph

_______: It illustrates the relationship between the quantity of a good that producers are willing to sell and the amount consumers are eager to buy at various prices.

The quantity of a good or service that consumers are willing and able to buy at a given price.

• Supply

• Demand

• Law of Supply

• Law of Demand

The quantity of a good or service that producers are willing and able to offer for sale at a given price.

• Supply

• Demand

• Law of Supply

• Law of Demand

As the price of a good decreases, the quantity demanded increases, and vice versa.

• Supply

• Demand

• Law of Supply

• Law of Demand