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Theories of Economic Development and Growth

Introduction to Economics

When people face tradeoffs, making decisions requires?

The cost you give up to obtain a certain item is known as______

The decision to choose one alternative over another occurs when that alternative’s marginal benefits ?

Rational people make decisions by comparing costs and________

People gain from their ability to trade with_________

What leads the market to allocate resources efficiently?

When a market fails to allocate resources efficiently, the government can change the outcomes through which policy?

When a nation's productivity grows, what else does?

Inflation is an increase in the overall level of ___ in the economy.

What temporary effect does reducing inflation often causes ?