Term
| According to emerson, want is a growing giant whom the coat of have was never large enough to cover. want exceeds have because: |
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Definition
| productive resources are limited |
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Term
| The economic perspective entails |
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Definition
| a comparison of marginal benefits and marginal costs in decision making |
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Term
| you shoud decide to go to a movie |
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Definition
| if the marginal benefit of the movie exceeds the marginal cost. |
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Term
| In deciding whether to study for an economics quiz or go to a movie, one is confronted by the idea of |
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Definition
| scarcity and opportunity costs |
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Term
| Which of the following is a positive statement |
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Definition
| the temperature is 92 degrees today |
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Term
| any point inside the production possibilities curve indicates |
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Definition
| that more output could be produced with the available resources |
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