Study guides, Class notes & Summaries

100 Economics Terms Exam Guide 100% Correct Answers Scarcity *Ans* the limited nature of society's resources Economics *Ans* the study of how society manages its scarce resources Efficiency *Ans* the property of society getting the most it can from its scarce resources Equity *Ans* the property of distributing economic prosperity fairly among the members of society Opportunity cost *Ans* whatever must be given up to obtain some item Market economy *Ans* an economy that allocates resou...

Economics Study Guide 100% Correct Answers #1 |verified| Economics *Ans* social science dealing with study of how people satisfy unlimited/ competing wants with careful use of scarce resources. Scarcity *Ans* fundamental economic problem facing all societies that result from a combination of scarce resources and peoples unlimited wants. Opportunity Costs *Ans* cost of next best alternative use of money, time, or resources when one choice is made rather than another. Trade off *Ans* a...

Economics - Unit 1 Economics Fundamentals Exam Guide [100% Correct Answers] economics *Ans* 1. the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 2. Social science that deals with the study of the production, consumption, distribution of goods and services and the transfer of wealth to obtain those goods and services. scarcity *Ans* a situation in which unlimited wants exceed the limited resources available to fu...

AQA Economics A Level Year 1 – Microeconomics Exam with 100% Correct Answers |LATEST| Allocative Efficiency *Ans* Occurs when the available economic resources are used to produce the combination of goods and services that best matches people's tastes and preferences Positive Statements *Ans* A statement of fact that can be tested to see if it is incorrect or correct Normative Statements *Ans* A statement that includes a value judgement and cannot be disproved just by looking at ...

Economics AQA A LEVEL Exam Elaboration |latest| 100% Correct Positive Statement *Ans* A statement that can be tested to see if it's correct or not Normative Statement *Ans* A statement that has a value judgement and can't be refuted by looking at evidence Need *Ans* Something necessary for human survival Want *Ans* Something that is desirable Economic welfare *Ans* The economic wellbeing of an individual or group of people (Human happiness) Capital good *Ans* A good used in the pro...

Latest High School Economics with 100% Correct Answers This is the situation where some necessities have little value while non-necessities have a much higher value. *Ans* paradox of value These are manufactured goods that are needed to produce other goods and services. *Ans* capital goods A decision making grid can be used to evaluate these. *Ans* alternative choices of action Where would one find a division of labor? *Ans* assembly line Why is the study of economics important? *Ans*...

Economics: Supply And Demand Final Exam with 100% Correct Answers |UPDATED| #2024 Demand *Ans* Combination of desire, ability, and willingness to buy a product. Quantity Demanded *Ans* Amount demanded at any given price. Demand Schedule *Ans* Listing showing the quantity demanded at all possible prices that might prevail in the market at any given time. Demand Curve *Ans* Graph showing the quantity demanded at each and every possible price that might prevail in the market at any give...

Introduction to Economics #2024 Exam Prep |100% Correct| Scarcity *Ans* A fundamental economic problem facing all societies. A condition that results from having scarce resources and unlimited wants of people. Economics *Ans* A social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. Need *Ans* A basic requirement for survival. Food, water, shelter. Want *Ans* Something that is desired, but...

Economics Test Out with 100% Correct Answers |Latest Release| economics *Ans* the study of how people choose to se their limited resources to satisfy their unlimited wants economy *Ans* a system used to manage limited resources for the production, distribution, and consumption of goods and services positive economics *Ans* the branch of economics that uses objective analysis to find out how the world works; the goal is to describe how things are normative economics *Ans* the branch o...

Economics Unit 2 Exam Guide [100% Correct] |Latest Release| demand *Ans* the desire to own something and the ability to pay for it law of demand *Ans* price goes up, demand goes down; price goes down, demand goes up substitution effect *Ans* when consumers react to an increase in a good's price by consuming less of that good and more of other goods income effect *Ans* change in consumption resulting from a change in real income demand schedule *Ans* a table that lists the quantity of...