Home
Explore
Exams
Search for anything
Login
Get started
Home
Business
Microeconomics
["Cost Curves"]
Chapter 2 - The Key Principles of Economics
0.0
(0)
Rate it
View linked note
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Card Sorting
1/8
Earn XP
Description and Tags
Microeconomics
Add tags
Study Analytics
All
Learn
Practice Test
Matching
Spaced Repetition
Name
Mastery
Learn
Test
Matching
Spaced
No study sessions yet.
9 Terms
View all (9)
Star these 9
1
New cards
Opportunity cost
________ incorporates the notion of scarcity; No matter what we do, there is always a trade- off.
2
New cards
Adam Smith
________ stressed the importance of voluntary exchange as a distinctly human trait.
3
New cards
policy question
A(n) ________ is whether the benefits from a war exceed its opportunity cost.
4
New cards
Production possibilities
________ curve is the set of points on the border between the shaded and unshaded area.
5
New cards
principle of voluntary exchange
The ________ is based on the notion that people act in their own self- interest.
6
New cards
marginal cost
The ___________ is the additional cost resulting from a small increase in the activity.
7
New cards
marginal benefit
The ______________ of an activity is the additional benefit resulting from a small increase in the activity.
8
New cards
nominal value
The __________ of an amount of money is simply its face value.
9
New cards
real value
The _______ of an amount of money is measured in terms of the number of goods the money can buy.
Explore top notes
AP PSYCH- Confusing Pairs
Updated 1053d ago
Note
Preview
IB Biology - Human Physiology
Updated 279d ago
Note
Preview
week 14
Updated 117d ago
Note
Preview
Chapter 20: Relative Pronouns
Updated 660d ago
Note
Preview
Recht 1
Updated 78d ago
Note
Preview
Animal Kingdom - Chordata
Updated 541d ago
Note
Preview
Cardiac Muscle Tissue Anatomy & Physiology Review Lecture
Updated 43d ago
Note
Preview
endo final
Updated 477d ago
Note
Preview
Explore top flashcards
Pharm E2 Derm
Updated 177d ago
Flashcards (86)
Preview
ä¸ć–‡ĺ›› vocab
Updated 4d ago
Flashcards (134)
Preview
the great depression vocab
Updated 107d ago
Flashcards (29)
Preview
Med Term Final Exam Review
Updated 46d ago
Flashcards (50)
Preview
2.2 Water
Updated 749d ago
Flashcards (34)
Preview
Junior 22-23; Honors US History CHPT 14: Moving West
Updated 850d ago
Flashcards (124)
Preview
Science Test
Updated 111d ago
Flashcards (74)
Preview
Occupational Health: CHAPT 1-4
Updated 200d ago
Flashcards (111)
Preview