Econ flashcards Study guides, Class notes & Summaries

which statement best explains why countries must make tradeoffs - Correct AnswerNational production is limited by the availability of scarce natural resources What is the primary incentive for business owners in a market economy - Correct AnswerEarning profits

Tradeoffs are required because wants are unlimited and resources are - -Scarce -Suppose you find $20 on the sidewalk and decide to spend it having dinner at Applebees. Your opportunity cost for going to dinner is - -The $20 because you could have spent it on something else, plus the value of your time spent at Applebees -Which is the best example of marginal analysis? - -I decide to study for only 1 more hour because sacrificing one hour of sleep is okay but sacrificing 2 would be too impa...

Use these revision flashcards to ensure you have all the important materials in your long term memory. It contains : - All As level Key terms - All As-level Graphs - All As level formulas - Guide on how to use the revision flashcards Hope this helps you , Good luck.