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RAGAN MICROECONOMICS questions and answers graded A+ 2024/2025
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RAGAN MICROECONOMICS questions and answers graded A+ 2024/2025
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RAGANMICROECONOMICS
factors
of
production
-
ANSresources
used
to
produce
goods
and
services;
land,
labor,
capital
goods
-
ANStangible
products
services
-
ANSintangible
products
consumption
-
ANSthe
act
of
using
goods
or
services
production
-
ANSthe
cat
of
making
goods
or
services
consumption
-
ANSthe
act
of
using
goods
or
services
to
satisfy
wants
opportunity
cost
-
ANSthe
value
of
the
next
best
alternative
that
is
forgone
when
one
alternative
is
chosen
production
possibilities
boundary
-
ANSa
curve
showing
which
alternative
combinations
of
output
can
be
attained
is
all
available
resources
are
used
efficiently;
it
is
the
boundary
between
attainable
and
unattainable
output
combinations
resource
allocation
-
ANSthe
allocation
of
an
economy's
scarce
resources
among
alternative
uses
specialization
of
labor
-
ANSthe
specialization
of
individual
workers
in
the
production
of
particular
goods
or
services
division
of
labor
-
ANSthe
breaking
up
of
a
production
process
into
a
series
of
specialized
tasks,
each
done
by
a
different
worker
traditional
economy
-
ANSan
economy
in
which
behaviour
is
based
mostly
on
tradition
command
economy
-
ANSan
economy
in
which
most
economic
decisions
are
made
by
a
central
planning
authority
free-market
economy
-
ANSan
economy
in
which
most
economic
decisions
are
made
by
private
households
and
firms
mixed
economy
-
ANSan
economy
in
which
some
economic
decisions
are
made
by
firms
and
households
and
some
by
the
government
normative
statement
-
ANSa
statement
about
what
ought
to
be;
value
judgement positive
statement
-
ANSa
statement
about
what
actually
is,
was,
or
will
be;
NOT
a
value
judgement
endogenous
variable
-
ANSa
variable
that
is
explained
within
a
theory;
induced
variable;
dependent
variable
exogenous
variable
-
ANSa
variable
that
is
determined
outside
the
theory;
autonomous
variable;
independent
variable
index
number
-
ANSa
measure
of
some
variable,
conventionally
expressed
relative
to
a
base
period,
which
is
assigned
the
number
100
quantity
demanded
-
ANSthe
amount
of
a
good
or
service
that
consumers
want
to
purchase
during
some
period
demand
schedule
-
ANSa
table
showing
the
relationship
between
quantity
demanded
and
the
price
of
a
commodity
demand
curve
-
ANSthe
graphical
representation
of
the
relationship
between
quantity
demanded
and
the
price
of
a
commodity
demand
-
ANSthe
entire
relationship
between
the
quantity
of
a
commodity
that
buyers
want
to
purchase
and
the
price
of
that
commodity
substitution
in
consumption
-
ANSgoods
that
can
be
used
in
place
of
another
good
to
satisfy
similar
needs
or
desires
complements
in
consumption
-
ANSgoods
that
can
be
consumed
together
quantity
supplied
-
ANSthe
amount
of
a
commodity
that
producers
want
to
sell
over
some
period
supply
schedule
-
ANSa
table
showing
the
relationship
between
quantity
supplied
and
the
price
of
a
commodity
supply
curve
-
ANSthe
graphical
representation
of
the
relationship
between
quantity
supplied
and
the
price
of
a
commodity
supply
-
ANSthe
entire
relationship
between
the
quantity
of
some
commodity
that
producers
wish
to
sell
and
the
price
of
the
commodity
market
-
ANSany
situation
in
which
buyers
and
sellers
can
negotiate
the
exchange
of
goods
or
services
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