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Economics 1010 - MUN With Complete Solutions Latest Update 2024
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Economics 1010 - MUN With Complete Solutions Latest Update 2024
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Economics 1010 - MUN With CompleteSolutions Latest Update 2024
factors of production - ANS resources used to produce goods and services;
frequently divided into the basic categories of land, labor, and capital.
goods - ANS tangible products, such as cars or shoes
services - ANS intangible products, such as legal services and education.
consumption - ANS the act of using goods or services to satisfy wants.
opportunity cost - ANS The value of the next best alternative that must be forgone
when one alternative is chosen.
production possibilities boundary - ANS a curve showing which alternative
combinations of output can be attained if all available resources are used
efficiently; it is the boundary between attainable and unattainable output
combinations.
resource allocation - ANS the allocation of an economy's scarce resources among
alternative uses.
,Microeconimics - ANS the study of the causes and consequences of the allocation
of resources as it is affected by the workings of the price system.
Macroeconomics - ANS the study of the determination of economic aggregates
such as total output, employment, and growth.
specialization of labour - ANS the specialization of individual workers in the
production of particular goods or services
division of labor - ANS the breaking up of a production process into a series of
specialized tasks, each done by a different worker.
barter - ANS an economic system in which goods and services are traded directly
for other goods and services.
Traditional Economy - ANS an economy in which behavior is based mostly on
tradition.
command economy - ANS an economy in which most economic decisions are
made by a central planning system.
free market economy - ANS an economy in which most economic decisions are
made by private households and firms.
, mixed economy - ANS an economy in which some economic decisions are made by
firms and households and some by the government.
normative statement - ANS a statement about what ought to be; it is based on a
value judgment.
positive statement - ANS a statement about what actually is, was, or will be; it is
not based on a value judgment.
Variable - ANS any well-defined item, such as the price or quantity of a commodity,
that can take on various specific values.
endogenous variable - ANS A variable that is explained within a theory. Sometimes
called an induced variable or a dependent variable
exogenous variable - ANS A variable that is determined outside the theory.
Sometimes called an autonomous variable or an independent variable.
index number - ANS a measure of some variable, conventionally expressed relative
to a base period, which is assigned the value 100
cross-sectional data - ANS a set of observations of a variable made at the same
time across several different units (such as households, firms, or countries)
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