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ECON Ch1

QuestionAnswer
Economics is the study of how people deal with... scarcity
The concept of scarcity refers to a situation where the available resources are not enough to satisfy the wants of the people
People make decisions because of... scarcity
A market is... an arrangement by which economic exchanges take place
True or False: scarcity applies to everyone regardless of income true
True or False: choices are made in order to avoid scarcity false
Choices are made based on opportunity costs
Opportunity cost of a choice is... the value of the next best activity not chosen
Gains from voluntary trade arise because... it reallocates goods between individuals in a way they both prefer
What must exist in order for gains from trade to be realized? economic interaction
Division of labor enables... specialization
Production is increased whenever people... specialize in the field they have a comparative advantage in
If you can produce a good with a lower opportunity cost than others, then you have.. a comparative advantage
Created by: naddotey
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