What is the relationship between opportunity costs and trade-offs? What makes an economic decision rational?
Final Exam Study Guide
Know the following terms and be able to answer the following questions
- opportunity Cost-
- service-
- Voluntary Exchange-
- Natural Resources-
- Market Economy-
- Command Economy-
- Mixed Economy-
- How does the US Government pay for most public goods and services?
- What is the relationship between opportunity costs and trade-offs?
- What makes an economic decision rational?