Opportunity cost economics quizlet
[PDF File]UNIT 1: Basic Economic Concepts
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• Economics is the science of scarcity. ... might outweigh the additional cost (the opportunity cost). After three hours, the additional benefit from staying an additional half-hour would likely be less than the additional cost. 5 Key Economic Assumptions. 1. Society’s wants are unlimited, but ALL resources
[PDF File]Lecture 1: Basic Notions and Concepts I. What Is Economics ...
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The term “cost” is used casually in a variety of ways, but economists attach a special meaning to it; generally, they mean opportunity cost, which refers to that which is set aside in the act of choice. Opportunity cost: the opportunity cost of any choice is [the value of] …
[PDF File]Chapter 2 Production Possibilities, Opportunity Cost, and ...
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Chapter 2—Production Possibilities, Opportunity Cost, and Economic Growth MULTIPLE CHOICE ... The opportunity cost to a city for using local tax revenues to construct a new park is the: ... Mikki decides to work five hours the night before her economics exam. She earns an extra $75, but her ...
[PDF File]UNIT 1 PRACTICE EXAM - PC\|MAC
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32. The opportunity cost of an action is (A) the monetary payment the action required. (B) the total time spent by all parties in carrying out the action. (C) the value of the opportunity or opportunities that must be sacrificed in order to take the action. (D) the cost of all alternative actions that could have been taken. 33.
[PDF File]Econ 101 Exam Review Answers: Economics The opportunity ...
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Econ 101 Exam Review Answers: Define: 1. Economics Economics is the study of choice under conditions of scarcity. 2. Opportunity Cost The opportunity cost of any choice is what we must forego when we make that choice.
[PDF File]Test: Economics | Quizlet Page 1 of 8
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Opportunity Cost a. Competing products that can be used in place of one another b. Cost of the next best alternative use of money, time, or resources when making a choice c. Combination of two or more business to form a single firm ... Test: Economics | Quizlet Page 1 of 8
[PDF File]Microeconomics Topic 1: “Explain the concept of ...
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Microeconomics Topic 1: “Explain the concept of opportunity cost and explain why accounting profits and economic profits are not the same.” Reference: Gregory Mankiw’s Principles of Microeconomics, 2nd edition, Chapter 1 (p. 3-6) and Chapter 13 (p. 270-2).
[PDF File]UNIT 1 Macroeconomics LESSON 1
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This lesson uses the concept of opportunity cost to develop a production possibilities curve. The pro-duction possibilities curve represents the choices that society faces. Opportunity cost is a fundamen-tal concept in economics and includes not only out-of-pocket costs but also the cost to society of not using the resources to produce an ...
[PDF File]Sample Test: Economics
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Sample Test: Economics 1. Which term is used to describe the study of how people make decisions in a world where resources are limited? a. scarcity b. decision-making modeling c. economics d. cost-benefit analysis 2. ... c. opportunity cost analysis d. cost-benefit analysis 8.
[PDF File]What is Economics? CHAPTER 1
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opportunity cost. THEBIG IDEA 1. What is opportunity cost? 2. Chart Skills What is the opportu-nity cost of the first extra hour of study? REVIEW QUESTIONS This grid shows one way to analyze a decision by identifying the opportunity costs and benefits at the margin. Alternatives Benefit Opportunity Cost
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