RAGAN MICROECONOMICS Exam Questions and Answers 100% Solved
1 view 0 purchase
Course
Microeconomics
Institution
Microeconomics
RAGAN MICROECONOMICS Exam
Questions and Answers 100% Solved
factors of production - resources used to produce goods and services;
land, labor, capital
goods - tangible products
services - intangible products
consumption - the act of using goods or services
production - the cat of making good...
factors of production - ✔✔resources used to produce goods and services;
land, labor, capital
goods - ✔✔tangible products
services - ✔✔intangible products
consumption - ✔✔the act of using goods or services
production - ✔✔the cat of making goods or services
consumption - ✔✔the act of using goods or services to satisfy wants
opportunity cost - ✔✔the value of the next best alternative that is forgone
when one alternative is chosen
production possibilities boundary - ✔✔a 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 - ✔✔the allocation of an economy's scarce resources
among alternative uses
specialization of labor - ✔✔the specialization of individual workers in the
production of particular goods or services
division of labor - ✔✔the breaking up of a production process into a series
of specialized tasks, each done by a different worker
traditional economy - ✔✔an economy in which behaviour is based mostly
on tradition
command economy - ✔✔an economy in which most economic decisions
are made by a central planning authority
free-market economy - ✔✔an economy in which most economic decisions
are made by private households and firms
mixed economy - ✔✔an economy in which some economic decisions are
made by firms and households and some by the government
normative statement - ✔✔a statement about what ought to be; value
judgement
positive statement - ✔✔a statement about what actually is, was, or will be;
NOT a value judgement
, endogenous variable - ✔✔a variable that is explained within a theory;
induced variable; dependent variable
exogenous variable - ✔✔a variable that is determined outside the theory;
autonomous variable; independent variable
index number - ✔✔a measure of some variable, conventionally expressed
relative to a base period, which is assigned the number 100
quantity demanded - ✔✔the amount of a good or service that consumers
want to purchase during some period
demand schedule - ✔✔a table showing the relationship between quantity
demanded and the price of a commodity
demand curve - ✔✔the graphical representation of the relationship
between quantity demanded and the price of a commodity
demand - ✔✔the entire relationship between the quantity of a commodity
that buyers want to purchase and the price of that commodity
substitution in consumption - ✔✔goods that can be used in place of
another good to satisfy similar needs or desires
complements in consumption - ✔✔goods that can be consumed together
quantity supplied - ✔✔the amount of a commodity that producers want to
sell over some period
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
