Quizziz: Unit 1 Review (Intro to Econ Concepts)

What is the definition of scarcity?

• The highest-valued alternative that must be given up to engage in an activity.

• The condition of having limited resources to meet unlimited wants.

• The additional cost of producing one more unit of a good or service.

• A factor that motivates individuals to act in a certain way.

What does opportunity cost refer to?

• The additional benefit received from consuming one more unit of a good or service.

• The highest-valued alternative that must be given up to engage in an activity.

• A cost that has already been incurred and cannot be recovered.

• The process of evaluating the additional costs and benefits of a decision.

Which term is defined as the study of how societies use scarce resources to produce valuable commodities and distribute them among different people?

• Marginal Thinking

• Economics

• Incentive

• Production Possibility Curve

What is a sunk cost?

• A cost that has already been incurred and cannot be recovered.

• The additional cost of producing one more unit of a good or service.

• The additional benefit received from consuming one more unit of a good or service.

• A factor that motivates individuals to act in a certain way.

What is the definition of marginal cost?

• The additional benefit received from consuming one more unit of a good or service.

• The additional cost of producing one more unit of a good or service.

• A factor that motivates individuals to act in a certain way.

• Outcomes that are not anticipated or intended.

What does marginal benefit refer to?

• The additional benefit received from consuming one more unit of a good or service.

• The additional cost of producing one more unit of a good or service.

• A factor that motivates individuals to act in a certain way.

• Outcomes that are not anticipated or intended.

What is marginal thinking?

• The additional benefit received from consuming one more unit of a good or service.

• The additional cost of producing one more unit of a good or service.

• The process of evaluating the additional costs and benefits of a decision.

• A factor that motivates individuals to act in a certain way.

What is an incentive?

• A factor that motivates individuals to act in a certain way.

• The additional benefit received from consuming one more unit of a good or service.

• The additional cost of producing one more unit of a good or service.

• Outcomes that are not anticipated or intended.

What are unintended consequences?

• A factor that motivates individuals to act in a certain way.

• The additional benefit received from consuming one more unit of a good or service.

• Outcomes that are not anticipated or intended.

• The additional cost of producing one more unit of a good or service.

What is the concept of giving up one thing in return for another due to limited resources?

• Rational Thinking

• Trade-offs

• Marginal Analysis

• Sunk Costs