You have $20 available to spend on things you want to do this afternoon. Steve wants you to go to the driving range with him to hit golf balls. Randy asked you to go eat at Rudy's with him. Mike said he can get some cheap seats to see the Spurs play Golden State. You really need a new pair of jeans. You
decide the practical thing to do is to buy jeans. The Spurs game would have been your next choice, but you couldn't afford to do everything, so the Spurs
game is considered the
because it was your next best alternative.
Interdependency
Scarcity
Opportunity Cost
nility

Match each economist to his economic belief. a.) adam smith b.) friedrich von hayek c.) milton friedman d.) john manyard keynes 1.) less government intervention gives more people economic freedom. 2.) government should not control the money supply. 3.) government intervention is necessary for stability. 4.) competition is a regulatory force.

The owner of a one-acre parcel of land with a small house on it rented the property to a professor of a nearby college at a monthly rental of $500. several years later, after the professor got tenure, the parties orally agreed that the professor would purchase the property from the owner for the sum of $60,000, payable at the rate of $500 a month for 10 years. they agreed that the owner would give the professor a deed to the property after five years had passed and $30,000 had been paid toward the purchase price, and that the professor would execute a note secured by a mortgage for the balance. the professor continued in possession of the property and made all monthly payments in a timely fashion. when he had paid $30,000, he tendered a proper note and mortgage to the property owner and demanded that she deliver the deed as agreed. the owner refused because valuable minerals had been discovered on adjacent parcels in recent months, causing the value of this parcel of land to increase to 10 times its former value. the professor brought suit against the property owner for specific performance. if the court rules in favor of the property owner, what is the likely reason?

According to this chart, which country is likely to have the most economic freedom with regards to entrepreneurship?