things that can satisfy people's wants & needs

cost benefit analysis:

examines advantage & disadvantage of available alternatives

3 basic economic questions:

what to produce? how to produce it? for whom to produce?

chooses guitar lessons instead of movie

activities that can satisfy people's wants & needs

a reward / benefit that motivates us

people who use resources to make goods & services

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Intro to Econ Review

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Questions 26

Answers

1
Which is NOT capital?
paper
college
oil
money
2
things you must have to live
needs
food
all
water
3
When there are not enough resources to produce all the things a society would like to have:
scarcity
scary movie
scared
secrecy
4
GOODS
activities that can satisfy people's wants & needs
things that can satisfy people's wants & needs
5
the key element of economics is:
money
labor
none of your business
choice
6
cost benefit analysis:
item prices increase but money loses value
supply and demand
wages compared to prices
examines advantage & disadvantage of available alternatives
7
city decides to fix a current problem or design a new community pool
resources VS scarcity
wants VS needs
scarcity VS resources
rich VS poor
8
opportunity cost:
college education (but good job=a benefit)
value of what we give up in decisions (2nd best alternative)
all of the above
now new car (but saving money=benefit)
9
3 basic economic questions:
what to produce? how to produce it? for whom to produce?
what is your name? last name? address?
what's for dinner? who is coming? what time?
when is break?where you going?can I go?
10
labor resources
carpenter, waitress, college
carpenter, vehicle, manager
carpenter, waitress, manager
manager, forest, oil
11
Thinking on the margin
example: choosing 2 or 3 pieces of pizza
evaluating benefit of 1 more is greater than the cost
neither choice above
both choices above
12
OPPORTUNITY COST:
chooses guitar lessons instead of movie
choose to go to movies AND buy popcorn
13
SERVICES
things that can satisfy people's wants & needs
activities that can satisfy people's wants & needs
14
COST
all of the above
the sacrifice made to obtain something
the effort made to gain something
an amount that must be spent to gain
15
things people like and desire
wants
consumers
costs
needs
16
3 types of resources:
capital, goods, services
states, capitals,
land, wants, labor
land, labor, capital
17
why is money scarce?
you have a limited amount
you always want more
all of the above
you can never have enough
18
LAND: LABOR : CAPITAL
factory : soil : teacher
none of the above
teacher : soil : factory
soil : teacher : factory
19
which is the most important?
When to produce it?
What to produce?
How to produce?
For whom to produce?
20
vehicles and machinery are:
labor resources
capital resources
21
economics:
all about making choices
the study of how people make decisions
not just about money
all of the above are true
22
consumers
both
neither
people use services
people who buy goods
23
benefit
both are not benefits
non-monetary gain received based on decision made
monetary gain received based on action taken
both are a benefit
24
incentive
people who buy stuff
an amount paid to get something
a reward / benefit that motivates us
things you must have to live
25
Land resources:
all of the above
found in nature
oceans
forest
26
producers
things you must buy to live
people who use resources to make goods & services
what we want & need
people who buy goods & services

Intro to Econ Review Flashcards | StudBud