Cards in this guide (23)
How did cost-benefit analysis help traders make decisions about business
Cost-benefit analysis helped traders make decisions about
business by letting them decide if things were at too high of a
cost to trade. Cost-benefit analysis helped traders make decisions
about business by letting them decide if things were at too high of
a cost to trade. Cost-benefit analysis helped traders make
decisions about business by letting them decide if things were at
too high of a cost to trade. Cost-benefit analysis helped traders
make decisions about business by letting them decide if things were
at too high of a cost to trade.
What is the opportunity cost of buying a new car
Anything that is not the car can be an oppertunity cost. for an
instants an ipod or a house can be the oppertunity cost. the
definiton of oppertunity cost is the value of the next best
akternative given up when a choice a made.
When factors of production perform only tasks they can do more efficiently than others
Specialization is when factors of production perform only tasks
they can do more efficiently than others. This is argued to
maximize efficiency, but also increases interdependence among
aspects of production.
Which of the following is perhaps the most frequent cause of difficulty or failure when studying economics
Failure to understand the basic definitions is perhaps the most
frequent cause of difficulty or failure when studying
economics.
Why does the government support entrepreneurs
The government support entrepreneurs because they are valuable
to the economy.
What would be the opportunity cost of a new 500 federal stimulus plan
the opportunity cost would that it will put the government in
big defected in order to provide temporarat relief to business and
institutions and envirment so on.
What are the best definition of economics
The best definition is that by Lionel Robins, "Economics is the
social sciences which studies human behavior as a relationship
between ends and scare means which has alternative uses"
When will a cost benefit analysis be done
when will a cost benefit analysis be done
What is the meaning of opportunity lost
In the economical term opportunity cost means the best next
alternative forgone
What statement best describes what happened to the groups on separate reservations
They became culturally different from one another.
societies make decisions about how to produce certain goods by
considering whether companies or the government should make the goods.
the machinery and tools used to create a product are part of which factor of production
what role do entrepreneurs play in the economic decisions a society makes
They organize resources to try to meet a society's wants and needs.
What is a major similarity between economic wants and economic needs
People try to fulfill both with limited resources.
which statement best describes the economic concept of scarcity
People have unlimited wants and limited resources to fulfill them.
which person is an example of an entrepreneur
An inventor who creates a new computer company
Which situation would reduce the scarcity of a product
A foreign country begins exporting the product in high volume.
which option is an example of capital as a factor of production
An industrial assembly line
Which description is the best example of human capital
A doctor with expertise in medicine
What is the result of having limited resources in an economy
People make economic choices about what to do with their
resources.
Which situation best describes an opportunity cost
A store that buys a shipment of computers can't afford to buy any new phones
Governments and businesses use incentives to
convince people to make certain economic decisions.
Which statement best illustrates Crusoe's reasons for teaching Friday about his religion
He believes that his religion is superior to Friday's religion.----APEX