Chapter 16- Introduction to Economics

Which is an example of how to produce?

People who buy goods and services

A nation's way of producing the things people need and want

Decisions of what, how, and for whom to produce are based on custom

If the fixed costs of producing dresses is $1000 and the variable costs are $500, then the total cost is

Which of the following is a human resource?

Which factor has the most significant influence on the quantity supplied of any product?

Buildings, tools, and equipment that manufacture goods

Money a business receives from selling its goods and services

Study of how people and nations use limited resources to satisfy unlimited wants

Quantity demanded is greater than the quantity supplied

Which of the following represents marginal cost?

Amount of a good that people are willing and able to buy at various prices

If the variable costs of producing two books is $100, what is the marginal cost of producing one more book?

Struggle among sellers to attract buyers

Individuals and businesses own all resources and base economic decisions on price

People or businesses that provide goods and services

Choosing to buy a DVD player instead of something else is an example of

The demand for goods and services in a particular area would probably increase if

The extra income that results from selling one more unit of the output is the

Amount of a good that producers are willing and able to sell at various prices

What does a benefit cost analysis compare?

Something that can be used in making products or services

Place where buyers and sellers make voluntary exchanges

Amount supplied by producers is greater than the amount demanded by consumers

The government makes the major economic decision

Not having enough resources to satisfy all wants

Which of the following is a want?

Demand and supply are balanced in the market

The loss of four years of income resulting from the decision to go to college is the

Private ownership and some government involvement exist in a price based system

Desires that can be met by getting a product or service

If 20 bottles of soda are sold for $2.00 each, what is the total revenue?

The choices all societies must make about production are driven by

If the total cost of producing jeans is $5000 & a company produces 1000 pairs of jeans the average total cost for a pair

Giving up one alternative good or service for another