Opportunity Cost, Specialization and Trade / resources production and scarcity(Review)

When trade is a process of;

When theres an increase jn the number of producers who offer the same product for sale causes an increase supply

When these individuals have a skill set or specializes in making what they trained for

What is Ben’s skill set called? He possesses the skills of both a potter and a mechanic

When demand is the quantity of goods and services that;

What is called when goods or services can replace the original product being used

What does macroeconomics primarily study

When liam and henry will ( exchange food )and wool with each other so that liam gets food and henry gets wool

When the quantity demanded is equal to the quantity in supply

When a student spends three hours and 500 baht at the movies the night before an exam (good cause)

When its said to be the tastes of the consumers (own choice) may change for many different reason

When goods and services are transferred from one economic unit to another, what is it called

When it is affected by a number of factors apart from price

When theres an increase in the consumers inputs needed to produce good will

When they have to decide how much to produce based on expectations about the future of production

Where producers like vegetables sellers interact with consumers like grocery buyers

What is the exchange of goods and services across national borders

What is the primary focus of microeconomics (e.g work labor)

When it is determine the prices of products in the market, and it is said to be dependent on a number of factors

What is the fundamental economic problem that arises due to limited resources and unlimited wants

When it refers to the quantity of goods or services that is available for sale at a given price

When the benefit or value of something that must be given up to acquire or achieve something else (good cause)

What is it called when entities are dependent on each other

Where theres an occurence of such storm, droughts and so on can affect the production of agricultural goods

When it is said to be the rule of all goods and services, an increase in price leads to reduction in quantity

When the process of concentrating on and becoming an expert in a particular limited area of production( own improvement)

Modern times its called to be help produce greater quantities of product with lower level inputs