What do we call the social science that examines how people use the scarce resources to satisfy their unlimited wants?
100
marginal cost
If you decide to study for an exam for 2 hours to get a B instead of studying for 3 hours to get an A, the
______ _____ is the extra hour spent studying.
100
time
What is the ultimate limitation when choosing what to do?
200
Capital resources or capital goods
What kind of resources are trucks, factories, highways, classrooms etc?
200
Macroeconomics
What is another word for national economics?
200
opportunity cost
What is the term for the value of the best alternative you passed up to do something else.
300
an entrepreneur
What do we call a person who either develops a new product or finds a better way to produce an existing one?
300
other-things-constant assumption
What is the term used to simplify assumptions which limits the variables used to develop an economic theory.
300
sunk cost
What is the term for a cost you have already incurred and can't get back?
400
scarcity
What is the condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants
400
rational self-interest
What is the concept that says people will always act in the best way that benefits them
400
Circular flow diagram
What is the diagram called that shows the flow of money, resources and goods?
500
Product Markets
Where are sellers and buyers brought together to buy and sell products?
500
Households
Which of the 4 market participants plays the leading role in the economy?
500
Normative statement
What kind of statement, which can't be backed up by facts, do economists usually argue over?