Key terms for Chapter 2: Choice in a World of Scarcity
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Absolute Advantage | show 🗑
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| Comparative Advantage | show 🗑
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| show | Promotes public interest through a market system where the primary motivation is self-interest.
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| show | When a person receives more of a good, the additional utility from each additional unit of the good decreases.
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| Law of Diminishing Returns | show 🗑
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| show | The more of a good that is produced, the greater the opportunity cost of producing the next unit of that good is.
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| Marginal Analysis | show 🗑
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| Marginal Cost (MC) | show 🗑
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| show | The additional benefit received from the consumption of the next unit of a good or service.
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| Normative Statement | show 🗑
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| Opportunity Cost | show 🗑
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| Positive Statement | show 🗑
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| show | A graphical representation of opportunity cost.
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| Productive Efficiency | show 🗑
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| Allocative Efficiency | show 🗑
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| show | Costs that were made in the past and cannot be recovered.
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| Trade-Offs | show 🗑
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| Utility | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
LoreleiBurnett
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