Study guides, Class notes & Summaries

ECON-100 Exam Study Set [100% Correct Answers] What is economics? *Ans* A study of how people make choices to achieve goals with resource constraints. What is meant by "the invisible hand?" *Ans* The "invisible hand" means that the division of labor and exchange occur naturally among people without being directed by anyone. What is the root of exchange behavior? *Ans* Human natural tendency toward division of labor to gain efficiency. Division of labor and exchange are human te...

Edexcel A-Level Economics A: Definitions Exam Guide |Graded A+| 100% Correct Answers Absolute advantage *Ans* When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty *Ans* When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) *Ans* The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending a...

International Economics Exam Study Set 100% Correct Answers absolute advantage *Ans* Where a country is able to produce more output than other countries using the same input of factors of production. administrative barriers (in the context of trade) *Ans* Any administrative requirement that might prevent or reduce the amount of imports. anti-dumping *Ans* Legislation to protect an economy against the importing of a good at a price below its unit cost of production. appreciation *Ans*...

Economics Multiple Choice Exam Review |UPDATED| 100% Correct # Latest We are forced to make choices because a. not everything is limited. b. shortages are a constant situation. c. we live in a democracy. d. all resources are limited. *Ans* all resources are limited The four factors of production are the resources of land, labor, capital, and a. services. b. entrepreneurship. c. technology. d. goods. *Ans* entrepreneurship A truck used by a plumber is a type of a. capital. b. lab...

Academic Decathlon Economics: Final Exam Prep with 100% Correct Answers Scarcity *Ans* an inescapable fact of human existence that results from the fact that the available resources are always less than our limitless desires Opportunity Cost *Ans* the cost of any choice is what must be given up by making that choice Rationality *Ans* when individual choices are made by comparing the benefits and costs of different actions and then selecting the action that produces the greatest benefi...

Edexcel 101 A-level Economics Paper 1 Exam Review |100% Correct| Economics *Ans* The study of the allocation of scarce resources. Economic Goods *Ans* Resources that are scarce. Short Run *Ans* A time period where at least one factor of production is fixed. Long Run *Ans* A time period where all factors of production are variable. Productivity *Ans* The output per unit of input. The Economic Problem *Ans* Resources are scarce but wants are infinite. Scarcity *Ans* The world's resources ...

Economics Preliminary Exam Study Set [100% Correct Answers] The economic problem *Ans* Unlimited wants but we have limited resources. Resources a scarce and it is a challenge to allocate them to our unlimited wants. There are individual wants which are individual desires and collective wants which are wants of the whole community. This can change overtime. The need for choice *Ans* Choice is important. Economics is a study of how people choose to use their scarce resources. It is con...

Final for Economics: 50 Questions Final Exam Questions |UPDATED| What is an economy? *Ans* The wealth and resources of a country or region What is economics? *Ans* It is the study of how people choose to use resources What are the three economic resources? *Ans* Land, labor, and capital Name two of the three economic questions. *Ans* What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services? Name two of the four ...

OCR A Level Economics Exam with 100% Correct Answers # Latest normative statement *Ans* an opinion that cannot be confirmed by referencing facts positive statement *Ans* a statement that can be proved by referencing facts why are economic models used? *Ans* theories cannot be tested in a controlled environment the basic economic problem *Ans* scarcity - consumer wants are always greater than available resources opportunity cost *Ans* the next best alternative foregone factors of prod...

IB Economics HL Exam Review |Graded A+| Latest Ceteris paribus *Ans* all other things are being held equal positive economics *Ans* matters of economics that can be proven to be right or wrong by looking at the facts normative economics *Ans* matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity *Ans* the limited availability of economic resources relative to societys unlimited demand for goods and services land *Ans* the...