Economics Unit 1 Markets and Market failure - Basics

A quiz

?
A Normative statment.....
expresses a judgement about what ought to be
1 of 4
Opportunity cost
is the next best alternative you could have had
2 of 4
What are economic decisions?
Decisions that have an opportunity cost
3 of 4
What are free goods?
They are thoses goods for which there is no opportunity cost
4 of 4

Other cards in this set

Card 2

Front

Opportunity cost

Back

is the next best alternative you could have had

Card 3

Front

What are economic decisions?

Back

Preview of the front of card 3

Card 4

Front

What are free goods?

Back

Preview of the front of card 4

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Market failure resources »