answersLogoWhite

0

Economics

User Avatar

Haylee Waelchi

Lvl 10
3y ago
1.45
11 Reviews
Add a rating

Rate this Study Guide:

Cards in this guide (15)
Opportunity cost definition

Opportunity cost is the cost associated with choosing one opportunity over another. When you calculate opportunity cost you don't consider cost that are common to both alternatives.

Economics is about allocating resources for doing which of the following processes involving goods and services

Production and distribution

Explain how the production of services differs from the production of manufacturing goods give two example

In the game of economics, which of the following players use goods and services?

Which of the following best explains why the game of economics cannot eliminate scarcity

There are not enough resources to produce all of the goods and services that everyone wants.

Economics is about allocating resources to produce and distribute which of the following

Goods and services

Which of the following questions must be answered in order to turn resources into products

How should production be organized?
idk i got it wrong but its NOT "How should production be organized? "

i think its "How are goods and services to be distributed?"

Calculations of cost and benefit are always which of the following

Subjective

Which economic indicator can show whether a country's economy is growing or stagnating

The GDP is neither growing nor shrinking. APEX ;]
Gross Domestic Product

The Gross Domestic Product goes down when which of the following occurs

Imports increase faster than exports.

What describes an efficient outcome

A car is designed to waste as little fuel as possible.

What concept do economists use to measure the satisfaction a person gets from the use or consumption of goods and services

The concept of utility is a measure of consumer satisfaction.

Which of the following best explains why the game of economics does not have a signal goal

Evaluation

Which of the following results from the fact that costs and benefits are based on preferences

Both monetary and non monetary factors are taken into account.

Which of the following accurately describes the effect of a situation of scarcity

Jjj

Which if the following is not a goal pursued in the game of economics

Stagnation

Related study guides