Fundamental Econ 2017 (GSE)

Other than profit motive, some entrepreneurs are motivated by what?

Which of the following would NOT be considered LAND?

The idea of mutual benefit from a free action of trading (usually money for a good)

Entrepreneurs want profits, but some also want to improve efficiency and productivity. This is:

"Resources are being wasted or idle"

"Resources are fully employed"

What is the opportunity cost of moving from A to D on the curve?

The t-shirt factory should stop hiring workers when the marginal cost _____ marginal benefit

The value of the next best alternative given up?

A doctor buys a new stethoscope.

You try to buy the new Call of Modern Violence game but the store is out.

A Bugatti Veyron is an example of a-

"Resources are fully employed"

What word means to "distribute according to some plan of action"?

Coal would be an example of

All of the following are good examples of specialization, EXCEPT

In the study of economics, an _____ motivates individuals & firms to undertake or avoid actions

Economics aknowledges difficult choices in everyday life, giving up some things for others.

A software engineer at Netflix would be an example of

An individual getting special training in coding HTML would be an example of investment in:

What is the fundamental problem of economics? (unlimited wants and needs, limited resources)