4 Questions
In the context of market transactions, what does voluntary exchange refer to?
Buyers and sellers engaging in transactions where both parties are better off
What principle involves making decisions based on increments?
Marginal analysis
What does opportunity cost refer to?
The most desirable alternative given up when you make a choice
What does rational behavior involve?
Achieving maximum utility through different preferences and circumstances
Test your knowledge of economics, the science that studies how people make choices when resources are limited. Explore concepts related to scarcity and decision-making in this quiz.
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