Economics is the study of

how people use limited resources to meet unlimited wants

the actual skills, education and experience

in economics what is the resource category of land

include all nature provides, minerals, forest items, water

Economics resources are put into the following four categories:

land, labor, capital and entrepreneurship

Why would you do a cost benefit analysis?

in order to make a decision by comparing the costs/ benefits

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Intro to Econ

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What is economics?

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Questions 12

Answers

1
Economics is the study of
how people use unlimited money and have limited wants
how people use limited resources to meet unlimited wants
how people use unlimited resources to meet limited wants
how people spend their money
2
Opportunity cost is the...
unlimited choices I have to choose from when making decision
the five dollar fee tacked on to an online purchase
value of my next best option
all of the things I give up
3
human capital
the capital city where people live
the actual skills, education and experience
workers
the products produced by people
4
If I have an hour l and I could watch Netflix, study or read each of these would be a ___ .
consequence
trade off
opprotunity cost
option
5
If every choice is a trade-off would each of those choices be opportunity costs?
no
maybe
yes
who knows
6
in economics what is the resource category of land
lots to build buildings on
include all nature provides, minerals, forest items, water
only ten acres or more
only plots of land
7
Economics resources are put into the following four categories:
land, liberalism, capital and entrepreneurism
land, labor, capital and entrepreneurship
labor, liberalism, socialism and capitalism
land, labor, liberalism and capitalism
8
The problem at the heart of every question in economics is
choices
resources
scarcity
money
9
Being offered a bonus to work over time would be an example of
a bribe
an incentive
an opportunity cost
a trade off
10
the worker's skills, time and effort
entrepreneurship
land
labor
capital
11
What is not an example of an incentive?
a speeding ticket
a coupon
a bonus for producing more goods
a homework assignment
12
Why would you do a cost benefit analysis?
because i can't decide what to have for dinner
Mrs Herr said so
in order to make a decision by comparing the costs/ benefits
because the teacher made me

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