JR 1

The condition that exists because there are not enough resources to produce everyone's wants.

• Economics

• Scarcity

• Shortage

• Surplus

The true cost of your choice is the next best alternative that you gave up.

• Marginal Principle

• Shortage

• Tradeoff

• Opportunity Cost

As someone consumes additional units of a product, the additional satisfaction derived from each additional unit declines.

• Marginal Principle

• Cost-Benefit Principle

• Law of Diminishing Marginal Utility

• Opportunity Cost Principle

_______________=fixed cost

_______________=variable cost

• Wages

  Production items

• Rent

  Utilities

• Utilities

  Buildings

Diminishing marginal utility is shown in which of these situations?

• Jessica doesn't like her new sandals

• Jessica keeps buying new sandals

• Jessica isn't as excited about her 5th pair of sandals as she was her 4th pair of sandals

Which is NOT a reason for a change in supply?

(SCENT)

• Technology

• Number of buyers

• Cost of production

The demand for ketchup and ketchup go up.

• Compliments

• Consumer Expectations

• Substitute

• Consumer Income

A new professional soccer team is coming to Fresno.

• Number of Consumers

• Expectations

• Substitutes

• Consumer Income

You just got a new promotion at work and are able to buy more shoes.

• Number of Consumers

• Consumer Income

• Consumer Expectations

• Substitute

This effect means that price can cause consumers to substitute one product with another similar product.

• Income Effect

• Consumer Effect

• Demand Effect

• Substitution Effect