Economic Choice Today: Opportunity Cost

What is the term for something that motivates or encourages someone to do something?

• Utility

• Incentives

• Trade-off

Which term refers to the usefulness or satisfaction gained from consuming a product or service?

• Utility

• Economize

• Marginal Cost

What does it mean to reduce expenses or save resources?

• Trade-off

• Economize

• Opportunity Cost

What is the term for the decision-making process that involves comparing the costs and benefits of different options?

• Cost-Benefit Analysis

• Marginal Benefit

• Incentives

What is the term for the next best alternative that is given up when a choice is made?

• Marginal Cost

• Opportunity Cost

• Utility

What is the term for the additional cost of producing one more unit of a good or service?

• Marginal Cost

• Trade-off

• Economize

What is the term for the additional benefit received from consuming one more unit of a good or service?

• Marginal Benefit

• Utility

• Cost-Benefit Analysis

What is the term for a situation where you have to give up one thing in order to gain something else?

• Trade-off

• Incentives

• Marginal Cost

Which term describes the process of evaluating the advantages and disadvantages of different choices?

• Cost-Benefit Analysis

• Opportunity Cost

• Economize

What is the term for the satisfaction or benefit derived from consuming a product or service?

• Utility

• Marginal Cost

• Trade-off