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situation in which insurance companies find that a disproportionately large share of their costumers come from high-risk groups
the value of the product that particular resources could have produced had they been used in the best alternative way; also called opportunity cost.
The situation in which two or more actors in an economic relationship have different information about each other and/or about their economic circumstances
a market structure in which potential buyers make binding offers that indicate prices that they would be willing to pay for various items that have been put up for sale.
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