Economics Study guides, Class notes & Summaries

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economics - answer-the study of how people choose to se their limited resources to satisfy their unlimited wants economy - answer-a system used to manage limited resources for the production, distribution, and consumption of goods and services positive economics - answer-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 - answer-the branch of economics that applies value judgments to data in o...

Which of the following is NOT a producer? - answer-An unemployed college student Which of the following is an ethereal added utility to a consumer? - answer-The smell of espresso What is the primary difference between microeconomics and macroeconomics? - answer-Microeconomics looks at scarcity for companies, while macroeconomics looks at it for entire economies. In economics, scarcity means that: - answer-There is a finite amount of resources. Economy A has a comparative advantage ov...

Economics is about - answer-Choice people make to satisfy their needs and wants Food, clothing, and shelter are examples of human - answer-need A resource is - answer-materials that are needed by a producer to make a good or service the buildings, structures, machinery, and tools used in the production process are called - answer-capital resources an entrepreneur is a - answer-person who is willingly risk failure to start a new business or introduce a new product The basic fact of...

Why are the issues of scarcity and choice the basis of economics? - answer-There will never be enough of everything to satisfy everyone completely. There has to be a limit What is the difference between scarcity and shortage - answer-Scarcity-principal that limited amounts of goods and services are available to meet unlimited wants, always exists shortage-lack of something desired, temporary or long-term why does every decision a person makes involves trades offs and opurtunity costs - an...

You are looking at the market (supply and demand) for hot dog buns. You see in the paper that the price of hot dogs has increased significantly. As a result, in the market for hot dog buns we would expect to see... - answer-Demand shift left, producing a lower equilibrium price, and higher equilibrium quantity Consider these three headlines... I. Microsoft Lowers the Price of Windows 10 II. U.S. Economy Enters Recession III. Mergers in the Banking Industry Limit Choices for Customers Ma...

An economy that contains both perfect and imperfect competition and both regulated and nonregulated industries is known as - answer-mixed economy An economys production possibilities curve could shift outward as a result of an - answer-increased level of technology which one of the following is a charecteristic of capitalism but not of communism? - answer-private property Full employment describes the condition in which - answer-95 to 96 percent of the civilian labor force is employed ...

MHA 707 CH 8 QUESTIONS AND ANSWERS 100% Solved When was the first comprehensive study of healthcare in the US performed? 1932 Who was Ray Wilbur? past president of the AMA and previous chair of CCMC which was developed to look into the problems of the healthcare system What major legislation did Richard Nixon get passed through Congress in the 1970s? HMO act The U.S. health care system exists within a framework bounded by two ideological opposites: health care is a public good and he...

Culture Observed Externally - ANSWER Language, dress, customs Culture Internally - ANSWER Beliefs, sexual orientation, worldview 1 of 6 major components of culture - ANSWER Language - influencing systems of thinking, beliefs, emotions, and knowledge 1 of 4 principal barriers of comm. - ANSWER Language - Sharp divisions may occur from language differences Dress - ANSWER 1 of 6 major components of culture Religion - ANSWER 1 of 6 major components of culture Economics - ANSWER 1 o...

IGCSE Economics Questions And Answers 2024. Definition of opportunity cost - CORRECT ANSWER the cost of the next best opportunity forgone The effects of opportunity cost on workers - CORRECT ANSWER specialization The production possibility curve represents - CORRECT ANSWER the maximum combination of products that can be produced in an economy How can a country be on its PPC? - CORRECT ANSWER All resources are used; there is efficiency (in the use of resources) A movement along t...