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Details
Title: Final Exam
Description: Chapters 1-9, 12, 13, 15
Total Flash Cards: 7
Created: 11/28/2011 13:18:13
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Additional Economics Flashcards
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Cards in this set:
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Definition
| the best alternative that we forgo, or give up, when we make a choice or a decision |
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| the process of analyzing the additional costs or benefits arising from a decision |
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| costs that cannot be avoided because they have already been incurred |
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| a market in which profit opportunities are eliminated almost instantaneously |
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an approach to economics that seeks to understand ehavior and the operation of systems without making judgments.
*describes what exists and how it works |
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| produce what the people want at the least possible cost |
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