1. Opportunity Cost ANS >>> the cost of a choice is the value of the opportunities
lost
2. Marginal Analysis ANS >>> An examination of the additional benefits of an
activity com- pared to the additional costs of that activity
3. Microeconomics ANS >>> The practice of household/firm economics
4. Macroeconomics ANS >>> The practice of large-scale economics
5. Quantity Demanded ANS >>> describes the quantity that buyers desire to
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