AP CHAPTER # 2 QUIZ - THE ESSENCE OF ECONOMICS - PART 1

THE ESSENCE OF ECONOMICS IS THE ART OF DECISION MAKING . IN THIS CHAPTER WE STUDY :

FUNDAMENTAL DECISION MAKING CONCEPTS ; THE FIRST LAW OF ECONOMICS AND LIFE ( TANSTAAFL ) , TRADE OFFS , AND OPPOTUNITY COSTS

HOW TO CONDUCT MARGINAL ANALYSIS ; MARGINAL COSTS , MARGINAL BENEFITS , AND MARGINAL UTILITY , IMPLICIT COSTS , EXPLICIT COSTS , AND SUNK COSTS