Cards in this guide (23)
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.
Why does the free-market system follow a circular flow model
consumers
The free choices made by consumers and producers influence each other.
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.
What best describes the incentive for producers to conduct market research
The desire to know what consumers want.
In economics all goods and services available to consumers are provided by which of the following
Which of the following is necessary for hiring workers and organizing production
Which of the following best explains why the circular flow model characterizes the free-market system
Consumers and producers influence each other in a circular
fashion.
The Gross Domestic Product goes down when which of the following occurs
Imports increase faster than exports.
What questions must be asked about the use of resources in an economic system
What is the most effective allocation?APEX!
Which of the following best describes the purpose of advertising
to transmit product messages to an audience
Which of the following is a reason why peer pressure influences consumers
People often compare themselves to others.
In economics workers are both producers and which of the following
Which of the following explains why companies spend money on advertising
Companies want to influence consumer behavior through
advertising.
Which of the following best explains why different people have different levels of risk aversionWhich of the following best explains why different people have different levels of risk aversion
Some people are willing to take more chances than others.
What best explains why Amazon can sell books more cheaply than local bookstores
Lower overhead than local brick and mortar stores, no face to
face customer service, low transaction costs.
In a freemarket system consumers let producers know what they want to buy and how much theyre willing to pay through what
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 is essential part of making rational choice
Doing cost-benefit analysis
What Of The Following is an essential part of making a rational choice
doing cost benefit analysis
Which of the following accurately describes the effect of a situation of scarcity
In economics which player has the role of providing goods and services
What Match the role with what each player in that role does.
Producer provides goods , worker makes goods consumer uses goods
