Macro Econ Quiz 1

Macro Econ Quiz 1 - Term Definition Scarcity A situation in...

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Term: Scarcity Definition: A situation in which unlimited wants exceed the limited resources available to fulfill those wants Term: Economic Models Definition: simplified versions of reality used to analyze real-world economic applications. Term: Rational Definition: Using all available information to achieve your goals. Term: Marginal Analysis Definition: Comparing MC and MB is known as Marginal Analysis. Term: The highest-valued alternative given up in order to engage in some activity Definition: Opportunity cost
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Term: governments decide what to produce, how to produce it, and who received the goods and services. Definition: Centrally planned economies Term: decisions of households and firms
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