Sect 1
Name for unlimited wants but limited resources
What is Scarcity?
More supply -> lower costs
What is Law of Supply
Situation where shared/common resources are over-exploited
what is tragedy of the commons
Most common liquid
What is water
What you give up because of a decision
What is Opportunity cost?
Trade ____ when exports exceed imports
what is Trade Surplus
3 most common fossil fuels
what is coal, oil, natural gas
machinery and factory buildings are ____ goods
Efficient solutions can be reached through negotiation and well-defined property rights
What is Coase Theorem
Fluctuations in output growth w/ periods of expansion and recession
What is Business cycle
Amount of different items the average supermarket carries according to the 2024 resource guide
What is 31,530 items?
Gov. act prohibiting unfair monopolies
What is Sherman Anti-Trust Act
This amendment extended the Kyoto commitments until 2020.
what is Doha Amendment
what nic never touches
what is grass