Econ 13.2. Base your answer only on the information above and on comparative-advantage considerations. 1. • This section focuses on the costs of the choices that people make by examining what economists call trade-offs and opportunity costs. what does thinking at the margin help compare? 3. 4.5 mol The following equation represents a laboratory preparation for oxygen gas: 2KClO 3(s) → 2KCl(s) 3O 2(g) How many moles of O 2 form if 3.0 mol of KClO 3 are totally consumed? 23 terms. 2. -all of the alternatives we give up when we choose 1 course of action over another Estimating is another set of west virginia. Capital e. Products that have an opportunity cost 6. 1 plane = 10 days = 1.25 cars (4) XYZ's opportunity cost of producing a unit of planes is 0.8 units of cars. Concordia University. 0 Computers. 42) 43)Opportunity cost means A)the accounting cost minus the marginal benefit. A. salvage value B. wasted value C. sunk cost D. opportunity cost E. erosion Refer to section 10.2 AACSB: N/A Bloom's: Knowledge Difficulty: Basic Learning Objective:10-1 Section: 10.2 Topic: Opportunity cost 3. More resources are needed to produce the second item (the one you decided to produce less of). doodles1235. Scarc ity a n d the Factors of Prod uction A. Values b. Then apply your knowledge to the Guiding Question: How does opportunity cost affect decision making? d. economic interdependence. =2 +40/ 3. doodles1235. –Describe the advantages of using prices as a Economic Choice Today: Opportunity Cost Labour immobility f. Products that do not have an opportunity cost 7. Use complete sentences. 3. c. trade-offs. 10. 1.07 Special Rehabilitation Services a. How does an opportunity cost differ from a trade-off? Section 1 begins on page 137 of your textbook.10 Key Terms –rationing –price Section 1-2 Study Guide (cont.) Key Concepts: Terms in this set (13) Alternatives that people give up when they choose one course of action over another. 2. Government programs that protect people experiencing unfavorable economic conditions are a. • Chapter 1 Performance Task • Answer Keys and ... Chapter 1 School-Home Letter (English) ... opportunity for instructional adjustments, when required. The average cost per gigabyte of RAM can be approximated by the function C ( t ) = 8 , 500 , 000 ( 0.65 ) t , C ( t ) = 8 , 500 , 000 ( 0.65 ) t , where t t is measured in years since 1980, and C C is cost … Show all your work in the space provided. Answers … THEBIG IDEA 1. 0 Computers. Also explore over 4 similar quizzes in this category. giving up onw benefit in order to gain a greater benefit. 1. Chapter 1, Section 2 Copyright © Pearson Education, Inc. Slide 14 Review . b. opportunity cost. Chart Skills What is the opportu-nity cost of the first extra hour of study? 2 (Quiz) Questions: 1. phrases you know to link together. 2. 1.3 Chapter 2 appendix - Graphs in Economics; 2 Part 2 - Supply and Demand Answer The opportunity cost of a million litres of milk in Brazil is 4 tonnes of sugar. Benchmarks: Whenever a choice is made, something is […] a. Spell. Explain why scarcity and choice are the basis of economics. Click the mouse button or press the Space Bar to display the Objectives After studying this section, you will be able to: –Explain how prices act as signals. –We always face an opportunity cost. Benchmarks: Whenever a choice is made, something is […] Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. Chapter 2 Quizzes Section 1: 1. In Australia, the opportunity cost is 2 tonnes of sugar. Reviewing Key Terms Define the following terms. different options and their benefits/ opportunity cost. Reviewing Key Terms Answer each of the following questions. How does thinking at the margin change the _decision-making process? Concepts: Opportunity Cost Scarcity Capital Goods Choice Consumer Goods Communism Content Standards and Benchmarks (1, 3 and 15): Standard 1: Productive resources are limited. else. Originally, when the price of bus tickets was 50 cents per trip, this opportunity cost was 0.50/2 = .25 burgers. 1. M28R, Part V, Section A, Chapter 1 Revised March 31, 2014. Jillian_Roy. ____ 2. Economics, Chapter 1, Section 2: Opportunity Cost. a. Created by. At a recent meeting, your salesperson reports that the introduction of competing products has reduced the expected sales of your new product to $250,000. Concepts: Opportunity Cost Scarcity Capital Goods Choice Consumer Goods Communism Content Standards and Benchmarks (1, 3 and 15): Standard 1: Productive resources are limited. Match. ANS: C PTS: 1 DIF: Average REF: Page 20 NOT: Learn more about this question in Economics Principles and Practices, page 20, and in the Reading Essentials and Notetaking Guide, Chapter 1, Section 3. A set of reasons for engaging in a particular behavior, especially human behavior is known as _____. 1. Who makes trade-offs? (D) shifted. Factors of production g. Training to be an Olympic champion ... Chapter l, Section 2 Mastery Workshe : Created Date: ____ 1. OTHER SETS BY THIS CREATOR. the most desirable alternative given up as a result of a decision. B) Opportunity Cost-the cost of the next best alternative use of money, time, or resources when one choice is made rather than another. 8 terms. The profit (a function of the selling price) should be maximized. Explain why scarcity and choice are the basis of economics. 4.The opportunity cost of moving from f to c is… 3.The opportunity cost of moving from d to b is… 7 Bikes. The company you manage has already invested $400,000 in developing a new product, but the development is not quite finished. Answer the following questions by identifying the opportunity costs in each situati( l. Working after school every day 2. 9. Trade barrier 4. Created by. Chapter 1 – Analyzing Functions Answer Key CK-12 Math Analysis Concepts 9 1.5 Minimums and Maximums Answers 1. This answer key includes ... tests, for Chapter 1/Section 1, Chapter 1/Section 2, etc.) Flashcards. Two points are computed by summing up the next problem they encounter. Why would "parts" be variable costs? Chapter 2: The Economic Problem Quick Quiz (open access) If a society is at point that is inside the production possibilities frontier, the society is experiencing Opportunity cost can be measured as the ... Answer choices in this exercise are randomized and will appear in a different order each time the page . As You Read. The situation in which some necessities have little value while some non-necessities have a much higher value is known as a. paradox of value. NAME _____ CLASS _____ DATE _____ Section 1: Guided Reading and Review. ____ 1. 1.1 Chapter 1 - First Principles -- opportunity costs, equilibrium, marginal analysis, efficiency. B. Trade-off of Choice 1 = _____ Synergy 2. Jillian_Roy. Thus, the price of a million litres of milk must be between 2 and 4 tonnes of sugar in order for the countries to trade. How a society answers the key economic questions primarily depends on a. These include: 1) how to optimize the performance of a system, 2) the key driving force in the economy, 3) the motivation for work, 4) the responsibility for training prior to employment, 5) the relationship between government and business, and 6) the purpose of government policy. When we select one alternative, we must sacrifice another. Find Test Answers Search for test and quiz questions and answers. information. 2. How many resources it has available. 1. No matter what organization you use, you can pull out individual worksheets from these booklets for your files, or you may photocopy directly from the booklet and file the photo-copies. 3. 1 Econ Ch 1+2 Practice Test Answer Section MULTIPLE CHOICE 1. Gravity. Paid On-the-Job Training (OJT) or Apprenticeship 1. Spell. B)the highest-valued alternative forgone. lucas tonton. ECON 500 – Spring 2004. Originally, when the price of bus tickets was 50 cents per trip, this opportunity cost was 0.50/2 = .25 burgers. Main Idea: A trade-off is the act of giving up one thing for another. all the alternatives that we give up whenever we choose one course of action over others, the 2nd most desirable alternative given up as a result of a decision, when you decide how much more or less to do, when you make the first move, you get the _____ benefits, Not everyone can get everything they want, exactly how they want it, when there are other people involved too, it depends how much each individual is willing to give up in order to receive their ideal benefit. The cost of getting or doing one thing instead of another is known as opportunity cost. Approval of Special Rehabilitation Services by Individual Providers 1.08 Educational and Vocational Training Services a. B is… 7 Bikes Prod uction a what economists call trade-offs and opportunity cost parts. 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