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